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 rising 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 rising 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.

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  TABLE OF CONTENTS

		Page
Company Profile		4
Research Coverage		5
Selected Financial Information
	Guidance	6
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 16
	Same Store Results	17 - 20
	Consolidated Joint Ventures	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Real Estate Related Funds	33 - 38
	Capital Structure	39
	Debt Analysis	40
	Debt Maturities	41
Selected Property Data
	Portfolio Summary	42 - 43
	Same Store Leased Occupancy	44 - 45
	Top Tenants and Industry Diversification	46
	Leasing Activity	47 - 48
	Lease Expirations	49 - 51
	Cash Basis Capital Expenditures	52 - 53
Definitions		54 - 55

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

Camille Bonnel	Thomas Catherwood	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Evercore ISI
(646) 855-5042	(212) 738-6140	(212) 446-9462
camille.bonnel@bofa.com	tcatherwood@btig.com	steve.sakwa@evercoreisi.com
Dylan Burzinski	Vikram Malhotra	Ronald Kamdem
Green Street Advisors	Mizuho Securities USA Inc.	Morgan Stanley
(949) 640-8780	(212) 282-3827	(212) 296-8319
dburzinski@greenstreet.com	vikram.malhotra@mizuhogroup.com	ronald.kamdem@morganstanley.com
Blaine Heck	Andrew Rosivach
Wells Fargo	Wolfe Research
(443) 263-6529	(646) 582-9250
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 2023
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.33	)	$	(0.31	)
			Our share of real estate depreciation and amortization		1.04			1.04
			Our share of non-cash real estate impairment loss related to an unconsolidated joint venture		0.11			0.11
			Estimated FFO		0.82			0.84
			Adjustments for non-core items (1)		0.03			0.03
			Estimated Core FFO (2)(3)	$	0.85		$	0.87
	Operating Assumptions:
		Leasing Activity (square feet)			650,000			850,000
		PGRE's share of Same Store Leased % (3) at year end			87.0	%		88.6	%
		Decrease in PGRE's share of Same Store Cash NOI (3)			(6.1	%)		(4.1	%)
		Decrease in PGRE's share of Same Store NOI (3)			(4.7	%)		(2.7	%)
	Financial Assumptions (at share):
		Estimated net loss		$	(74,700	)	$	(68,700	)
			Depreciation and amortization		241,000			241,000
			General and administrative expenses		62,500			61,500
			Interest and debt expense, including amortization of deferred financing costs		147,000			146,000
			Fee and other income, net of income taxes		(32,500	)		(33,500	)
			Our share of non-cash real estate impairment loss related to an unconsolidated joint venture		24,700			24,700
			Other non-core items		5,500			5,500
		NOI (3)			373,500			376,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(5,000	)		(6,000	)
		Cash NOI (3)		$	368,500		$	370,500

(1)Represents non-core items for the nine months ended September 30, 2023, that are listed in the table on page 11. The Company is not making projections for non-core items that may impact its financial results for the remainder of 2023, which may include unrealized gains or losses on real estate fund investments, acquisition and transaction related costs and other items that are not included in Core FFO.

(2)We are narrowing our Estimated Core FFO Guidance for the full year of 2023, 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 November 1, 2023 and otherwise to be referenced during our conference call scheduled for November 2, 2023. 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.

(3)See page 54 for our definition of this measure.

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  FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

			Three Months Ended									Nine Months Ended
SELECTED FINANCIAL DATA			September 30, 2023			September 30, 2022			June 30, 2023			September 30, 2023			September 30, 2022
	Net (loss) income attributable to common stockholders		$	(8,385	)	$	(1,537	)	$	(47,538	)	$	(54,194	)	$	1,474
		Per share - basic and diluted	$	(0.04	)	$	(0.01	)	$	(0.22	)	$	(0.25	)	$	0.01
	Core FFO attributable to common stockholders (1)		$	47,822		$	54,249		$	38,666		$	142,662		$	162,460
		Per share - diluted	$	0.22		$	0.24		$	0.18		$	0.66		$	0.73
	PGRE's share of Cash NOI (1)		$	94,195		$	95,963		$	92,897		$	281,707		$	287,697
	PGRE's share of NOI (1)		$	96,064		$	99,488		$	84,764		$	282,105		$	296,954

Same Store Cash NOI (1)	% Change			Same Store NOI (1)	% Change
Three Months Ended September 30, 2023 vs. September 30, 2022		(7.1	%)	Three Months Ended September 30, 2023 vs. September 30, 2022		(10.3	%)
Nine Months Ended September 30, 2023 vs. September 30, 2022		(3.9	%)	Nine Months Ended September 30, 2023 vs. September 30, 2022		(2.9	%)

PORTFOLIO STATISTICS (at PGRE's Share)

	As of
	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Leased % (1)		88.1	%		89.6	%		89.8	%		91.3	%		91.4	%

Same Store Leased % (1)	% Change			Same Store Leased % (1)	% Change
September 30, 2023 vs. June 30, 2023		(1.5	%)	September 30, 2023 vs. September 30, 2022		(3.3	%)
September 30, 2023 vs. December 31, 2022		(3.2	%)

COMMON SHARE DATA

		Three Months Ended
Share Price:		September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	High	$	5.43		$	4.92		$	6.74		$	6.86		$	7.95
	Low	$	4.20		$	4.10		$	3.90		$	5.48		$	6.00
	Closing (end of period)	$	4.62		$	4.43		$	4.56		$	5.94		$	6.23
Dividends per common share		$	0.035		$	0.035		$	0.0775		$	0.0775		$	0.0775
Annualized dividends per common share		$	0.14		$	0.14		$	0.31		$	0.31		$	0.31
Dividend yield (on closing share price)			3.0	%		3.2	%		6.8	%		5.2	%		5.0	%

(1)See page 54 for our definition of this measure.

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  CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			September 30, 2023			December 31, 2022
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,217,633			6,177,540
				8,183,870			8,143,777
		Accumulated depreciation and amortization		(1,427,705	)		(1,297,553	)
	Real estate, net			6,756,165			6,846,224
	Cash and cash equivalents			399,631			408,905
	Restricted cash			70,892			40,912
	Accounts and other receivables			14,340			23,866
	Real estate related fund investments			68,225			105,369
	Investments in unconsolidated real estate related funds			4,537			3,411
	Investments in unconsolidated joint ventures			368,024			393,503
	Deferred rent receivable			347,641			346,338
	Deferred charges, net			112,448			120,685
	Intangible assets, net			74,391			90,381
	Other assets			72,265			73,660
Total assets			$	8,288,559		$	8,453,254
Liabilities:
	Notes and mortgages payable, net		$	3,802,333		$	3,840,318
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			109,471			123,176
	Dividends and distributions payable			8,357			18,026
	Intangible liabilities, net			29,981			36,193
	Other liabilities			28,452			24,775
Total liabilities				3,978,594			4,042,488
Equity:
	Paramount Group, Inc. equity			3,429,212			3,592,291
	Noncontrolling interests in:
		Consolidated joint ventures		410,944			402,118
		Consolidated real estate related funds		162,973			173,375
		Operating Partnership		306,836			242,982
Total equity				4,309,965			4,410,766
Total liabilities and equity			$	8,288,559		$	8,453,254

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  CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended											Nine Months Ended
		September 30, 2023				September 30, 2022			June 30, 2023				September 30, 2023				September 30, 2022
Revenues:
	Rental revenue (1)	$	182,515			$	179,250		$	165,506			$	529,734			$	526,415
	Fee and other income (1)		6,666				7,897			7,156				20,583				29,934
Total revenues			189,181				187,147			172,662				550,317				556,349
Expenses:
	Operating		75,502				72,845			71,078				216,889				207,320
	Depreciation and amortization		60,263				58,284			62,627				181,778				171,306
	General and administrative		15,460				13,150			16,224				46,307				45,501
	Transaction related costs		132				105			63				323				381
Total expenses			151,357				144,384			149,992				445,297				424,508
Other income (expense):
	Income (loss) from real estate related fund investments		2,060				-			(42,644	)	(2)		(37,034	)	(2)		-
	(Loss) income from unconsolidated real estate related funds		(721	)			300			32				(867	)			625
	Loss from unconsolidated joint ventures		(28,974	)	(3)		(5,797	)		(28,402	)	(4)		(63,138	)	(3)(4)		(15,326	)
	Interest and other income, net		4,115				1,580			2,967				10,007				2,607
	Interest and debt expense (1)		(39,102	)			(36,949	)		(36,879	)			(112,440	)			(106,804	)
(Loss) income before income taxes			(24,798	)			1,897			(82,256	)			(98,452	)			12,943
	Income tax expense		(263	)			(673	)		(573	)			(1,124	)			(1,559	)
Net (loss) income			(25,061	)			1,224			(82,829	)			(99,576	)			11,384
Less net (income) loss attributable to noncontrolling    interests in:
	Consolidated joint ventures		(4,887	)			(4,179	)		(5,351	)			(15,879	)			(12,383	)
	Consolidated real estate related funds		20,934		(3)		1,309			37,301				57,412		(3)		2,677
	Operating Partnership		629				109			3,341				3,849				(204	)
Net (loss) income attributable to common stockholders		$	(8,385	)		$	(1,537	)	$	(47,538	)		$	(54,194	)		$	1,474
	Per diluted share	$	(0.04	)		$	(0.01	)	$	(0.22	)		$	(0.25	)		$	0.01

(1)See page 10 for details.

(2)Includes an unrealized loss on a mezzanine loan investment held by Paramount Group Real Estate Fund X, LP (“Fund X”). See page 37 for details.

(3)Includes Residential Development Fund’s (“RDF”) share of a non-cash impairment loss related to residential condominium units at One Steuart Lane. Our share of the impairment loss, net of amounts attributable to noncontrolling interests was $1,772. See page 35 for details.

(4)Includes our share of a non-cash real estate impairment loss related to 60 Wall Street. See page 31 for details.

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  SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended									Nine Months Ended
Rental Revenue:		September 30, 2023		September 30, 2022			June 30, 2023				September 30, 2023			September 30, 2022
	Property rentals	$	158,595	$	159,549		$	156,015			$	473,073		$	474,990
	Tenant reimbursements		16,896		15,978			13,270				44,624			40,972
	Straight-line rent adjustments		1,060		3,807			(7,511	)	(1)		1,305	(1)		7,808
	Amortization of above and below-market leases, net		1,445		(84	)		1,448				3,929			589
	Lease termination income		4,519		-			2,284				6,803			2,056
Total rental revenue		$	182,515	$	179,250		$	165,506			$	529,734		$	526,415

(1)Includes non-cash straight-line rent receivable write-offs aggregating $13,906 comprised of (i) a $7,343 write-off related to the surrendered JPMorgan space and (ii) a $6,563 write-off related to the terminated SVB Securities lease.

			Three Months Ended						Nine Months Ended
Fee and Other Income:			September 30, 2023		September 30, 2022		June 30, 2023		September 30, 2023		September 30, 2022
	Asset management		$	2,459	$	3,166	$	2,326	$	6,960	$	9,138
	Property management			1,810		1,849		1,831		5,503		6,171
	Acquisition, disposition, leasing and other			304		117		819		1,643		7,785
	Total fee income			4,573		5,132		4,976		14,106		23,094
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		2,093		2,765		2,180		6,477		6,840
Total fee and other income			$	6,666	$	7,897	$	7,156	$	20,583	$	29,934

		Three Months Ended						Nine Months Ended
Interest and Debt Expense:		September 30, 2023		September 30, 2022		June 30, 2023		September 30, 2023		September 30, 2022
	Interest expense	$	37,549	$	35,412	$	35,340	$	107,810	$	102,190
	Amortization of deferred financing costs		1,553		1,537		1,539		4,630		4,614
Total interest and debt expense		$	39,102	$	36,949	$	36,879	$	112,440	$	106,804

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  FFO

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

			Three Months Ended									Nine Months Ended
			September 30, 2023			September 30, 2022			June 30, 2023			September 30, 2023			September 30, 2022
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(25,061	)	$	1,224		$	(82,829	)	$	(99,576	)	$	11,384
	Real estate depreciation and amortization (including our share of
		unconsolidated joint ventures)		69,160			68,009			72,096			209,687			201,069
	Our share of a non-cash real estate impairment loss related to     an unconsolidated joint venture			-			-			24,734			24,734			-
	FFO (1)			44,099			69,233			14,001			134,845			212,453
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,801	)		(13,408	)		(14,889	)		(44,865	)		(39,868	)
		Consolidated real estate related funds		20,933			1,304			37,295			57,398			2,659
	FFO attributable to Paramount Group Operating Partnership			50,231			57,129			36,407			147,378			175,244
	Less FFO attributable to noncontrolling interests in Operating Partnership			(3,510	)		(3,763	)		(2,390	)		(9,861	)		(13,683	)
	FFO attributable to common stockholders (1)		$	46,721		$	53,366		$	34,017		$	137,517		$	161,561
	Per diluted share		$	0.21		$	0.24		$	0.16		$	0.63		$	0.73
	FFO		$	44,099		$	69,233		$	14,001		$	134,845		$	212,453
	Non-core items:
		RDF's share of a non-cash impairment loss related to residential     condominium units at One Steuart Lane		23,942			-			-			23,942			-
		Adjustments to equity in earnings for (distributions from) contributions to     unconsolidated joint ventures		(1,917	)		709			(1,301	)		(4,540	)		294
		Adjustments for realized and unrealized gains and losses on consolidated     and unconsolidated real estate related fund investments		711			21			45,686			47,732			39
		Other, net (including after-tax net gains or losses on sale of     residential condominium units at One Steuart Lane)		1,606			1,614			659			4,802			3,664
	Core FFO (1)			68,441			71,577			59,045			206,781			216,450
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,801	)		(13,408	)		(14,889	)		(44,865	)		(39,868	)
		Consolidated real estate related funds		(2,226	)		(94	)		(2,773	)		(9,026	)		(381	)
	Core FFO attributable to Paramount Group Operating Partnership			51,414			58,075			41,383			152,890			176,201
	Less Core FFO attributable to noncontrolling interests in Operating     Partnership			(3,592	)		(3,826	)		(2,717	)		(10,228	)		(13,741	)
	Core FFO attributable to common stockholders (1)		$	47,822		$	54,249		$	38,666		$	142,662		$	162,460
	Per diluted share		$	0.22		$	0.24		$	0.18		$	0.66		$	0.73
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,043,022			224,864,791			217,003,931			216,871,778			222,228,605
	Effect of dilutive securities			32,676			28,555			11,089			21,638			34,143
	Denominator for FFO and Core FFO per diluted share			217,075,698			224,893,346			217,015,020			216,893,416			222,262,748

(1)See page 54 for our definition of this measure.

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  FAD

(unaudited and in thousands)

				Three Months Ended									Nine Months Ended
				September 30, 2023			September 30, 2022			June 30, 2023			September 30, 2023			September 30, 2022
Reconciliation of Core FFO to FAD:
	Core FFO			$	68,441		$	71,577		$	59,045		$	206,781		$	216,450
	Add (subtract) adjustments (including our share of    unconsolidated joint ventures) to arrive at FAD:
		Straight-line rent adjustments			(1,514	)		(3,969	)		7,515			(1,690	)		(8,288	)
		Amortization of above and below-market leases, net			(2,110	)		(790	)		(2,239	)		(6,187	)		(3,115	)
		Amortization of deferred financing costs			1,787			1,909			1,779			5,459			5,793
		Amortization of stock-based compensation expense			4,680			4,149			4,214			14,011			14,853
		Expenditures to maintain assets			(7,934	)		(11,834	)		(20,117	)		(33,713	)		(36,127	)
		Second generation tenant improvements
			and leasing commissions		(13,451	)		(12,428	)		(6,548	)		(32,537	)		(43,193	)
	FAD (1)				49,899			48,614			43,649			152,124			146,373
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(9,679	)		(8,391	)		(10,351	)		(27,063	)		(27,493	)
		Consolidated real estate related funds			(2,226	)		(152	)		(2,773	)		(9,083	)		(600	)
	FAD attributable to Paramount Group Operating Partnership				37,994			40,071			30,525			115,978			118,280
	Less FAD attributable to noncontrolling interests in    Operating Partnership				(2,655	)		(2,640	)		(2,004	)		(7,754	)		(9,286	)
	FAD attributable to common stockholders (1) (2)			$	35,339		$	37,431		$	28,521		$	108,224		$	108,994
	Dividends declared on common stock			$	7,607		$	17,269		$	7,606		$	32,047		$	51,734

(1)See page 54 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.

- 12 -

  EBITDAre

(unaudited and in thousands)

			Three Months Ended									Nine Months Ended
			September 30, 2023			September 30, 2022			June 30, 2023			September 30, 2023			September 30, 2022
Reconciliation of net (loss) income to EBITDAre and    Adjusted EBITDAre:
	Net (loss) income		$	(25,061	)	$	1,224		$	(82,829	)	$	(99,576	)	$	11,384
	Add (subtract) adjustments (including our share of    unconsolidated joint ventures) to arrive at EBITDAre    and Adjusted EBITDAre:
		Depreciation and amortization		69,160			68,009			72,096			209,687			201,069
		Interest and debt expense		45,666			43,516			42,746			132,085			126,310
		Our share of a non-cash real estate impairment loss     related to an unconsolidated joint venture		-			-			24,734			24,734			-
		Income tax expense		264			674			580			1,137			1,580
	EBITDAre (1)			90,029			113,423			57,327			268,067			340,343
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(22,766	)		(21,362	)		(22,730	)		(68,508	)		(63,529	)
		Consolidated real estate related funds		20,929			346			37,665			56,558			(167	)
	PGRE's share of EBITDAre (1)		$	88,192		$	92,407		$	72,262		$	256,117		$	276,647
	EBITDAre		$	90,029		$	113,423		$	57,327		$	268,067		$	340,343
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		RDF's share of a non-cash impairment loss related to     residential condominium units at One Steuart Lane		23,942			-			-			23,942			-
		Adjustments to equity in earnings for (distributions from)    contributions to unconsolidated joint ventures		(1,917	)		709			(1,301	)		(4,540	)		294
		EBITDAre from consolidated and unconsolidated    real estate related fund investments		(1,227	)		(410	)		42,507			38,056			(950	)
		Other, net (including after-tax net gains or losses on sale of    residential condominium units at One Steuart Lane)		1,225			580			814			3,274			614
	Adjusted EBITDAre (1)			112,052			114,302			99,347			328,799			340,301
		Less Adjusted EBITDAre attributable to noncontrolling     interests in:
		Consolidated joint ventures		(22,766	)		(21,362	)		(22,730	)		(68,508	)		(63,529	)
	PGRE's share of Adjusted EBITDAre (1)		$	89,286		$	92,940		$	76,617		$	260,291		$	276,772

(1)See page 54 for our definition of this measure.

- 13 -

  NOI

(unaudited and in thousands)

				Three Months Ended									Nine Months Ended
				September 30, 2023			September 30, 2022			June 30, 2023			September 30, 2023			September 30, 2022
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(25,061	)	$	1,224		$	(82,829	)	$	(99,576	)	$	11,384
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			60,263			58,284			62,627			181,778			171,306
		General and administrative			15,460			13,150			16,224			46,307			45,501
		Interest and debt expense			39,102			36,949			36,879			112,440			106,804
		Income tax expense			263			673			573			1,124			1,559
		(Income) loss from real estate related fund investments			(2,060	)		-			42,644			37,034			-
		NOI from unconsolidated joint ventures (excluding     One Steuart Lane)			9,233			11,540			10,720			30,334			34,359
		Loss from unconsolidated joint ventures			28,974			5,797			28,402			63,138			15,326
		Fee income			(4,573	)		(5,132	)		(4,976	)		(14,106	)		(23,094	)
		Interest and other income, net			(4,115	)		(1,580	)		(2,967	)		(10,007	)		(2,607	)
		Other, net			853			(195	)		31			1,190			(244	)
	NOI (1)				118,339			120,710			107,328			349,656			360,294
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,275	)		(21,222	)		(22,564	)		(67,551	)		(63,340	)
	PGRE's share of NOI (1)			$	96,064		$	99,488		$	84,764		$	282,105		$	296,954
	NOI			$	118,339		$	120,710		$	107,328		$	349,656		$	360,294
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(1,514	)		(3,969	)		7,515			(1,690	)		(8,288	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(2,110	)		(790	)		(2,239	)		(6,187	)		(3,115	)
	Cash NOI (1)				114,715			115,951			112,604			341,779			348,891
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,520	)		(19,988	)		(19,707	)		(60,072	)		(61,194	)
	PGRE's share of Cash NOI (1)			$	94,195		$	95,963		$	92,897		$	281,707		$	287,697

(1)See page 54 for our definition of this measure.

- 14 -

  NOI

(unaudited and in thousands)

				Three Months Ended September 30, 2023
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(25,061	)	$	981		$	9,285		$	(35,327	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			60,263			40,431			18,554			1,278
		General and administrative			15,460			-			-			15,460
		Interest and debt expense			39,102			25,523			12,816			763
		Income tax expense			263			-			-			263
		Income from real estate related fund investments			(2,060	)		-			-			(2,060	)
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			9,233			3,376			5,858			(1	)
		Loss (income) from unconsolidated joint ventures			28,974			(1	)		3,890			25,085
		Fee income			(4,573	)		-			-			(4,573	)
		Interest and other income, net			(4,115	)		(655	)		(740	)		(2,720	)
		Other, net			853			-			-			853
	NOI (1)				118,339			69,655			49,663			(979	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,275	)		(3,049	)		(19,226	)		-
	PGRE's share of NOI for the three months ended September 30, 2023			$	96,064		$	66,606		$	30,437		$	(979	)
	PGRE's share of NOI for the three months ended September 30, 2022			$	99,488		$	66,183		$	34,169		$	(864	)
	NOI			$	118,339		$	69,655		$	49,663		$	(979	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(1,514	)		1,184			(2,668	)		(30	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,110	)		(729	)		(1,381	)		-
	Cash NOI (1)				114,715			70,110			45,614			(1,009	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,520	)		(3,179	)		(17,341	)		-
	PGRE's share of Cash NOI for the three months ended September 30, 2023			$	94,195		$	66,931		$	28,273		$	(1,009	)
	PGRE's share of Cash NOI for the three months ended September 30, 2022			$	95,963		$	68,013		$	28,844		$	(894	)

(1)See page 54 for our definition of this measure.

- 15 -

  NOI

(unaudited and in thousands)

				Nine Months Ended September 30, 2023
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(99,576	)	$	(21,213	)	$	23,025		$	(101,388	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			181,778			117,879			60,128			3,771
		General and administrative			46,307			-			-			46,307
		Interest and debt expense			112,440			72,081			38,082			2,277
		Income tax expense (benefit)			1,124			5			(78	)		1,197
		Loss from real estate related fund investments			37,034			-			-			37,034
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			30,334			10,143			20,133			58
		Loss from unconsolidated joint ventures			63,138			25,000			10,262			27,876
		Fee income			(14,106	)		-			-			(14,106	)
		Interest and other income, net			(10,007	)		(1,616	)		(1,384	)		(7,007	)
		Other, net			1,190			-			-			1,190
	NOI (1)				349,656			202,279			150,168			(2,791	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(67,551	)		(8,415	)		(59,136	)		-
	PGRE's share of NOI for the nine months ended September 30, 2023			$	282,105		$	193,864		$	91,032		$	(2,791	)
	PGRE's share of NOI for the nine months ended September 30, 2022			$	296,954		$	202,451		$	99,059		$	(4,556	)
	NOI			$	349,656		$	202,279		$	150,168		$	(2,791	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(1,690	)		3,270			(4,990	)		30
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(6,187	)		(1,779	)		(4,408	)		-
	Cash NOI (1)				341,779			203,770			140,770			(2,761	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(60,072	)		(8,837	)		(51,235	)		-
	PGRE's share of Cash NOI for the nine months ended September 30, 2023			$	281,707		$	194,933		$	89,535		$	(2,761	)
	PGRE's share of Cash NOI for the nine months ended September 30, 2022			$	287,697		$	204,280		$	87,943		$	(4,526	)

(1)See page 54 for our definition of this measure.

- 16 -

  SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Three Months Ended September 30, 2023
			Total			New York				San Francisco			Other
	PGRE's share of Cash NOI for the three months ended September 30, 2023		$	94,195		$	66,931			$	28,273		$	(1,009	)
		Lease termination income		(5,249	)		(4,066	)			(1,183	)		-
		Acquisitions / Redevelopment and other, net		1,012			3		(2)		-			1,009
	PGRE's share of Same Store Cash NOI for the three months ended
		September 30, 2023	$	89,958		$	62,868			$	27,090		$	-

		Three Months Ended September 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the three months ended September 30, 2022		$	95,963		$	68,013			$	28,844		$	(894	)
	Acquisitions / Redevelopment and other, net		917			23		(2)		-			894
PGRE's share of Same Store Cash NOI for the three months ended
	September 30, 2022	$	96,880		$	68,036			$	28,844		$	-
Decrease in PGRE's share of Same Store Cash NOI		$	(6,922	)	$	(5,168	)		$	(1,754	)	$	-
% Decrease			(7.1	%)		(7.6	%)			(6.1	%)

(1)See page 54 for our definition of this measure.

(2)Represents our share of Cash NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 17 -

  SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI (1)			Three Months Ended September 30, 2023
			Total			New York				San Francisco			Other
	PGRE's share of NOI for the three months ended September 30, 2023		$	96,064		$	66,606			$	30,437		$	(979	)
		Lease termination income		(5,249	)		(4,066	)			(1,183	)		-
		Non-cash write-offs of straight-line rent receivables		144			77				67			-
		Acquisitions / Redevelopment and other, net		925			3		(2)		(57	)		979
	PGRE's share of Same Store NOI for the three months ended
		September 30, 2023	$	91,884		$	62,620			$	29,264		$	-

		Three Months Ended September 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of NOI for the three months ended September 30, 2022		$	99,488		$	66,183			$	34,169		$	(864	)
	Non-cash write-offs of straight-line rent receivables		1,674			1,674				-			-
	Acquisitions / Redevelopment and other, net		1,242			378		(2)		-			864
PGRE's share of Same Store NOI for the three months ended
	September 30, 2022	$	102,404		$	68,235			$	34,169		$	-
Decrease in PGRE's share of Same Store NOI		$	(10,520	)	$	(5,615	)		$	(4,905	)	$	-
% Decrease			(10.3	%)		(8.2	%)			(14.4	%)

(1)See page 54 for our definition of this measure.

(2)Includes our share of NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 18 -

  SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Nine Months Ended September 30, 2023
			Total			New York				San Francisco			Other
	PGRE's share of Cash NOI for the nine months ended September 30, 2023		$	281,707		$	194,933			$	89,535		$	(2,761	)
		Lease termination income		(7,304	)		(6,121	)			(1,183	)		-
		Acquisitions / Redevelopment and other, net		2,713			(48	)	(2)		-			2,761
	PGRE's share of Same Store Cash NOI for the nine months ended
		September 30, 2023	$	277,116		$	188,764			$	88,352		$	-

		Nine Months Ended September 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the nine months ended September 30, 2022		$	287,697		$	204,280			$	87,943		$	(4,526	)
	Lease termination income		(1,875	)		(1,875	)			-			-
	Acquisitions / Redevelopment and other, net		2,655			(1,650	)	(2)		(221	)		4,526
PGRE's share of Same Store Cash NOI for the nine months ended
	September 30, 2022	$	288,477		$	200,755			$	87,722		$	-
(Decrease) increase in PGRE's share of Same Store Cash NOI		$	(11,361	)	$	(11,991	)		$	630		$	-
% (Decrease) increase			(3.9	%)		(6.0	%)			0.7	%

(1)See page 54 for our definition of this measure.

(2)Includes our share of Cash NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 19 -

  SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI (1)			Nine Months Ended September 30, 2023
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the nine months ended September 30, 2023		$	282,105		$	193,864			$	91,032			$	(2,791	)
		Lease termination income		(7,304	)		(6,121	)			(1,183	)			-
		Non-cash write-offs of straight-line rent receivables		14,050			6,640		(2)		7,410		(2)		-
		Acquisitions / Redevelopment and other, net		2,690			(44	)	(3)		(57	)			2,791
	PGRE's share of Same Store NOI for the nine months ended
		September 30, 2023	$	291,541		$	194,339			$	97,202			$	-

		Nine Months Ended September 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of NOI for the nine months ended September 30, 2022		$	296,954		$	202,451			$	99,059		$	(4,556	)
	Lease termination income		(1,875	)		(1,875	)			-			-
	Non-cash write-offs of straight-line rent receivables		1,980			1,980				-			-
	Acquisitions / Redevelopment and other, net		3,307			(1,028	)	(3)		(221	)		4,556
PGRE's share of Same Store NOI for the nine months ended
	September 30, 2022	$	300,366		$	201,528			$	98,838		$	-
Decrease in PGRE's share of Same Store NOI		$	(8,825	)	$	(7,189	)		$	(1,636	)	$	-
% Decrease			(2.9	%)		(3.6	%)			(1.7	%)

(1)See page 54 for our definition of this measure.

(2)Includes write-offs related to the terminated SVB Securities lease at 1301 Avenue of the Americas in our New York portfolio and the surrendered JPMorgan space at One Front Street in our San Francisco portfolio.

(3)Includes our share of NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 20 -

  CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2023
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,306,722	$	1,689,883	$	1,147,834	$	469,005
	Cash and cash equivalents		119,126		47,857		62,037		9,232
	Restricted cash		1,318		78		1,240		-
	Accounts and other receivables		9,825		3,379		5,796		650
	Deferred rent receivable		206,500		100,968		81,240		24,292
	Deferred charges, net		46,841		22,466		15,899		8,476
	Intangible assets, net		42,404		35,441		6,099		864
	Other assets		20,944		13,012		6,908		1,024
Total Assets		$	3,753,680	$	1,913,084	$	1,327,053	$	513,543
Liabilities:
	Notes and mortgages payable, net	$	2,449,917	$	1,243,859	$	974,555	$	231,503
	Accounts payable and accrued expenses		52,772		11,227		28,794		12,751
	Intangible liabilities, net		18,369		12,414		5,592		363
	Other liabilities		4,648		60		4,581		7
Total Liabilities			2,525,706		1,267,560		1,013,522		244,624
Equity:
	Paramount Group, Inc. equity		817,030		580,506		153,703		82,821
	Noncontrolling interests		410,944		65,018		159,828		186,098
Total Equity			1,227,974		645,524		313,531		268,919
Total Liabilities and Equity		$	3,753,680	$	1,913,084	$	1,327,053	$	513,543

- 21 -

  CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2022
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,364,482	$	1,718,436	$	1,167,906	$	478,140
	Cash and cash equivalents		139,579		60,556		41,396		37,627
	Restricted cash		1,316		78		1,238		-
	Accounts and other receivables		9,997		8,340		984		673
	Deferred rent receivable		197,658		105,880		67,377		24,401
	Deferred charges, net		49,485		24,696		17,255		7,534
	Intangible assets, net		50,553		41,197		8,175		1,181
	Other assets		6,228		655		5,105		468
Total Assets		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024
Liabilities:
	Notes and mortgages payable, net	$	2,489,902	$	1,243,112	$	973,790	$	273,000
	Accounts payable and accrued expenses		61,407		19,682		33,297		8,428
	Intangible liabilities, net		21,936		13,949		7,491		496
	Other liabilities		5,803		1,185		4,563		55
Total Liabilities			2,579,048		1,277,928		1,019,141		281,979
Equity:
	Paramount Group, Inc. equity		838,132		613,203		142,315		82,614
	Noncontrolling interests		402,118		68,707		147,980		185,431
Total Equity			1,240,250		681,910		290,295		268,045
Total Liabilities and Equity		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024

- 22 -

  CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	109,609		$	55,983		$	41,433		$	12,193
Total operating expenses			38,492			21,248			13,046			4,198
Net operating income (1)			71,117			34,735			28,387			7,995
Depreciation and amortization			(31,589	)		(16,817	)		(10,883	)		(3,889	)
Interest and other income, net			1,224			484			375			365
Interest and debt expense			(22,620	)		(9,804	)		(10,303	)		(2,513	)
Net income		$	18,132		$	8,598		$	7,576		$	1,958
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	12,071		$	7,742		$	3,718		$	611
	Management fee income		1,174			420			182			572
	PGRE's share of net income		13,245			8,162			3,900			1,183
	Real estate depreciation and amortization		21,675			15,135			5,331			1,209
	FFO/Core FFO (1)	$	34,920		$	23,297		$	9,231		$	2,392
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,061		$	856		$	3,858		$	1,347
	Management fee expense		(1,174	)		(420	)		(182	)		(572	)
	Net income attributable to noncontrolling interests		4,887			436			3,676			775
	Real estate depreciation and amortization		9,914			1,682			5,552			2,680
	FFO/Core FFO (1)	$	14,801		$	2,118		$	9,228		$	3,455

(1)See page 54 for our definition of these measures.

- 23 -

  CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2022
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	98,186		$	47,972		$	38,083		$	12,131
Total operating expenses			34,491			19,894			10,401			4,196
Net operating income (1)			63,695			28,078			27,682			7,935
Depreciation and amortization			(27,975	)		(14,075	)		(9,824	)		(4,076	)
Interest and other income, net			439			237			120			82
Interest and debt expense			(22,602	)		(9,808	)		(10,303	)		(2,491	)
Income before income taxes			13,557			4,432			7,675			1,450
Income tax expense			(5	)		(5	)		-			-
Net income		$	13,552		$	4,427		$	7,675		$	1,450
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,198		$	3,984		$	3,765		$	449
	Management fee income		1,175			427			178			570
	PGRE's share of net income		9,373			4,411			3,943			1,019
	Real estate depreciation and amortization		18,746			12,667			4,813			1,266
	FFO/Core FFO (1)	$	28,119		$	17,078		$	8,756		$	2,285
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	5,354		$	443		$	3,910		$	1,001
	Management fee expense		(1,175	)		(427	)		(178	)		(570	)
	Net income attributable to noncontrolling interests		4,179			16			3,732			431
	Real estate depreciation and amortization		9,229			1,408			5,011			2,810
	FFO/Core FFO (1)	$	13,408		$	1,424		$	8,743		$	3,241

(1)See page 54 for our definition of these measures.

- 24 -

  CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	315,677		$	155,519		$	122,726		$	37,432
Total operating expenses			107,519			58,885			36,459			12,175
Net operating income (1)			208,158			96,634			86,267			25,257
Depreciation and amortization			(89,069	)		(45,195	)		(32,214	)		(11,660	)
Interest and other income, net			2,785			1,401			762			622
Interest and debt expense			(67,187	)		(29,105	)		(30,587	)		(7,495	)
Income before income taxes			54,687			23,735			24,228			6,724
Income tax benefit (expense)			75			(5	)		127			(47	)
Net income		$	54,762		$	23,730		$	24,355		$	6,677
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	35,362		$	21,359		$	11,932		$	2,071
	Management fee income		3,521			1,246			567			1,708
	PGRE's share of net income		38,883			22,605			12,499			3,779
	Real estate depreciation and amortization		60,083			40,676			15,784			3,623
	FFO/Core FFO (1)	$	98,966		$	63,281		$	28,283		$	7,402
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	19,400		$	2,371		$	12,423		$	4,606
	Management fee expense		(3,521	)		(1,246	)		(567	)		(1,708	)
	Net income attributable to noncontrolling interests		15,879			1,125			11,856			2,898
	Real estate depreciation and amortization		28,986			4,519			16,430			8,037
	FFO/Core FFO (1)	$	44,865		$	5,644		$	28,286		$	10,935

(1)See page 54 for our definition of these measures.

- 25 -

  CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2022
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	293,274		$	147,346		$	109,969		$	35,959
Total operating expenses			98,098			56,616			30,654			10,828
Net operating income (1)			195,176			90,730			79,315			25,131
Depreciation and amortization			(83,811	)		(42,561	)		(29,030	)		(12,220	)
Interest and other income, net			563			283			179			101
Interest and debt expense			(67,166	)		(29,112	)		(30,581	)		(7,473	)
Income before income taxes			44,762			19,340			19,883			5,539
Income tax expense			(11	)		(7	)		(2	)		(2	)
Net income		$	44,751		$	19,333		$	19,881		$	5,537
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	28,860		$	17,401		$	9,742		$	1,717
	Management fee income		3,508			1,265			564			1,679
	PGRE's share of net income		32,368			18,666			10,306			3,396
	Real estate depreciation and amortization		56,326			38,305			14,224			3,797
	FFO/Core FFO (1)	$	88,694		$	56,971		$	24,530		$	7,193
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	15,891		$	1,932		$	10,139		$	3,820
	Management fee expense		(3,508	)		(1,265	)		(564	)		(1,679	)
	Net income attributable to noncontrolling interests		12,383			667			9,575			2,141
	Real estate depreciation and amortization		27,485			4,256			14,806			8,423
	FFO/Core FFO (1)	$	39,868		$	4,923		$	24,381		$	10,564

(1)See page 54 for our definition of these measures.

- 26 -

  UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2023
				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	$	1,974,734	$	217,202		$	616,697	$	352,299	$	144,430		$	644,106
	Cash and cash equivalents		89,106		26,342			28,534		19,340		632			14,258
	Restricted cash		119,672		5,478			15,769		-		2,286			96,139
	Accounts and other receivables		6,050		4,688			470		601		122			169
	Deferred rent receivable		33,578		18,243			5,178		4,337		3,069			2,751
	Deferred charges, net		13,471		8,892			2,664		825		1,090			-
	Intangible assets, net		55,295		-			6,765		7,437		1,764			39,329
	For-sale residential condominium units (2)		250,000		-			-		-		-			250,000
	Other assets		31,548		3,256			19,193		485		321			8,293
Total Assets		$	2,573,454	$	284,101		$	695,270	$	385,324	$	153,714		$	1,055,045
Liabilities:
	Notes and mortgages payable, net	$	1,740,516	$	298,494		$	410,404	$	187,028	$	160,910		$	683,680
	Accounts payable and accrued expenses		77,362		8,996			12,102		4,513		3,845			47,906
	Intangible liabilities, net		6,184		-			606		4,766		812			-
	Other liabilities		4,336		152			1,223		141		229			2,591
Total Liabilities			1,828,398		307,642			424,335		196,448		165,796			734,177
Total Equity			745,056		(23,541	)		270,935		188,876		(12,082	)		320,868
Total Liabilities and Equity		$	2,573,454	$	284,101		$	695,270	$	385,324	$	153,714		$	1,055,045

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)Represents residential condominium units at One Steuart Lane that are available for sale.

- 27 -

  UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 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	$	2,377,084	$	212,002		$	627,169	$	359,405	$	149,653		$	1,028,855
	Cash and cash equivalents		140,818		28,335			38,918		15,322		3,950			54,293
	Restricted cash		111,722		5,472			-		-		2,431			103,819
	Accounts and other receivables		4,830		3,642			453		326		17			392
	Deferred rent receivable		31,372		17,921			5,422		3,507		2,992			1,530
	Deferred charges, net		13,026		9,566			1,430		951		1,079			-
	Intangible assets, net		69,599		-			14,363		10,980		2,583			41,673
	For-sale residential condominium units (2)		322,232		-			-		-		-			322,232
	Other assets		37,826		189			22,651		211		1,564			13,211
Total Assets		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005
Liabilities:
	Notes and mortgages payable, net	$	1,834,916	$	298,186		$	408,967	$	186,909	$	158,666		$	782,188
	Accounts payable and accrued expenses		47,302		5,620			10,768		3,264		4,262			23,388
	Intangible liabilities, net		10,972		-			2,331		7,327		1,314			-
	Other liabilities		3,481		176			232		246		244			2,583
Total Liabilities			1,896,671		303,982			422,298		197,746		164,486			808,159
Total Equity			1,211,838		(26,855	)		288,108		192,956		(217	)		757,846
Total Liabilities and Equity		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 28 -

  UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2023
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	39,503		$	12,089		$	12,548		$	7,898		$	3,100		$	3,868
Total operating expenses			23,941			5,684			7,351			3,685			2,050			5,171
Net operating income (loss) (2)			15,562			6,405			5,197			4,213			1,050			(1,303	)
Depreciation and amortization			(16,863	)		(2,976	)		(6,692	)		(4,017	)		(2,096	)		(1,082	)
Interest and other income, net			734			211			267			190			5			61
Interest and debt expense			(19,895	)		(2,701	)		(3,616	)		(1,857	)		(3,047	)		(8,674	)
Impairment loss			(68,407	)		-			-			-			-			(68,407	)	(3)
(Loss) income before income taxes			(88,869	)		939			(4,844	)		(1,471	)		(4,088	)		(79,405	)
Income tax expense			(2	)		-			-			(1	)		(1	)		-
Net (loss) income		$	(88,871	)	$	939		$	(4,844	)	$	(1,472	)	$	(4,089	)	$	(79,405	)
PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(30,864	)	$	470		$	(3,248	)	$	(642	)	$	(2,003	)	$	(25,441	)
	Step-up basis adjustment		(27	)		-			-			-			-			(27	)
	Adjustments to equity in earnings of unconsolidated joint ventures		1,917			(470	)		-			-			2,003			384
	PGRE's share of net loss		(28,974	)		-			(3,248	)		(642	)		-			(25,084	)
	Real estate depreciation and amortization		8,897			1,488			4,483			1,771			1,027			128
	FFO (2)		(20,077	)		1,488			1,235			1,129			1,027			(24,956	)
	RDF's share of an impairment loss related to residential    condominium units at One Steuart Lane		23,942			-			-			-			-			23,942		(3)
	Adjustments to equity in earnings of unconsolidated joint ventures		(1,917	)		470			-			-			(2,003	)		(384	)
	Other non-core items		381			-			-			-			-			381
	FFO attributable to One Steuart Lane		1,093			-			-			-			-			1,093
	Core FFO (2)	$	3,422		$	1,958		$	1,235		$	1,129		$	(976	)	$	76
Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(58,007	)	$	469		$	(1,596	)	$	(830	)	$	(2,086	)	$	(53,964	)
	Real estate depreciation and amortization		7,993			1,488			2,209			2,246			1,069			981
	FFO (2)		(50,014	)		1,957			613			1,416			(1,017	)		(52,983	)
	Impairment loss related to residential condominium units at One Steuart Lane		44,465			-			-			-			-			44,465		(3)
	Other non-core items		7,225			-			-			-			-			7,225
	FFO attributable to One Steuart Lane		2,028			-			-			-			-			2,028
	Core FFO (2)	$	3,704		$	1,957		$	613		$	1,416		$	(1,017	)	$	735

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)See page 54 for our definition of this measure.

(3)Represents a non-cash impairment loss related to residential condominium units at One Steuart Lane.

- 29 -

  UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	56,395		$	12,131		$	14,539		$	7,729		$	3,761		$	18,235		(2)
Total operating expenses			34,234			5,330			7,106			3,731			1,532			16,535		(2)
Net operating income (3)			22,161			6,801			7,433			3,998			2,229			1,700
Depreciation and amortization			(17,734	)		(2,753	)		(8,262	)		(4,053	)		(1,848	)		(818	)
Interest and other income (loss), net			471			71			118			34			(3	)		251
Interest and debt expense			(13,967	)		(2,701	)		(3,478	)		(1,857	)		(1,905	)		(4,026	)
(Loss) income before income taxes			(9,069	)		1,418			(4,189	)		(1,878	)		(1,527	)		(2,893	)
Income tax expense			(11	)		-			-			-			-			(11	)
Net (loss) income		$	(9,080	)	$	1,418		$	(4,189	)	$	(1,878	)	$	(1,527	)	$	(2,904	)
PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(5,024	)	$	709		$	(2,811	)	$	(822	)	$	(748	)	$	(1,352	)
	Step-up basis adjustment		(64	)		-			-			(3	)		-			(61	)
	Adjustments to equity in earnings for    distributions from an unconsolidated joint venture		(709	)		(709	)		-			-			-			-
	PGRE's share of net loss		(5,797	)		-			(2,811	)		(825	)		(748	)		(1,413	)
	Real estate depreciation and amortization		9,725			1,377			5,535			1,790			905			118
	FFO (3)		3,928			1,377			2,724			965			157			(1,295	)
	Adjustments to equity in earnings for    distributions from an unconsolidated joint venture		709			709			-			-			-			-
	FFO attributable to One Steuart Lane		1,509			-			-			-			-			1,509
	Core FFO (3)	$	6,146		$	2,086		$	2,724		$	965		$	157		$	214
Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(4,056	)	$	709		$	(1,378	)	$	(1,056	)	$	(779	)	$	(1,552	)
	Real estate depreciation and amortization		8,073			1,376			2,727			2,266			943			761
	FFO (3)		4,017			2,085			1,349			1,210			164			(791	)
	FFO attributable to One Steuart Lane		2,735			-			-			-			-			2,735
	Core FFO (3)	$	6,752		$	2,085		$	1,349		$	1,210		$	164		$	1,944

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), 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 54 for our definition of this measure.

- 30 -

  UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2023
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	125,727		$	36,496		$	40,834		$	23,823		$	9,439		$	15,135		(2)
Total operating expenses			73,632			17,239			21,972			10,597			6,054			17,770		(2)
Net operating income (loss) (3)			52,095			19,257			18,862			13,226			3,385			(2,635	)
Depreciation and amortization			(52,341	)		(8,631	)		(21,805	)		(12,166	)		(6,572	)		(3,167	)
Interest and other income, net			2,226			707			901			470			29			119
Interest and debt expense			(53,256	)		(8,020	)		(10,603	)		(5,570	)		(8,701	)		(20,362	)
Impairment loss			(524,300	)		-			-			-			-			(524,300	)	(4)(5)
(Loss) income before income taxes			(575,576	)		3,313			(12,645	)		(4,040	)		(11,859	)		(550,345	)
Income tax expense			(32	)		-			(3	)		(20	)		(3	)		(6	)
Net (loss) income		$	(575,608	)	$	3,313		$	(12,648	)	$	(4,060	)	$	(11,862	)	$	(550,351	)
PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(65,015	)	$	1,657		$	(8,482	)	$	(1,775	)	$	(5,813	)	$	(50,602	)
	Step-up basis adjustment		(2,663	)		-			-			(5	)		-			(2,658	)
	Adjustments to equity in earnings of unconsolidated joint ventures		4,540			(1,657	)		-			-			5,813			384
	PGRE's share of net loss		(63,138	)		-			(8,482	)		(1,780	)		-			(52,876	)
	Real estate depreciation and amortization		27,909			4,316			14,609			5,369			3,221			394
	Real estate impairment loss		24,734			-			-			-			-			24,734		(4)
	FFO (3)		(10,495	)		4,316			6,127			3,589			3,221			(27,748	)
	RDF's share of an impairment loss related to residential    condominium units at One Steuart Lane		23,942			-			-			-			-			23,942		(5)
	Adjustments to equity in earnings of unconsolidated joint ventures		(4,540	)		1,657			-			-			(5,813	)		(384	)
	Other non-core items		625			-			-			-			-			625
	FFO attributable to One Steuart Lane		3,854			-			-			-			-			3,854
	Core FFO (3)	$	13,386		$	5,973		$	6,127		$	3,589		$	(2,592	)	$	289
Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(510,593	)	$	1,656		$	(4,166	)	$	(2,285	)	$	(6,049	)	$	(499,749	)
	Real estate depreciation and amortization		27,095			4,315			7,196			6,802			3,351			5,431
	Real estate impairment loss		431,159			-			-			-			-			431,159		(4)
	FFO (3)		(52,339	)		5,971			3,030			4,517			(2,698	)		(63,159	)
	Impairment loss related to residential condominium units at One Steuart Lane		44,465			-			-			-			-			44,465		(5)
	Other non-core items		11,850			-			-			-			-			11,850
	FFO attributable to One Steuart Lane		9,561			-			-			-			-			9,561
	Core FFO (3)	$	13,537		$	5,971		$	3,030		$	4,517		$	(2,698	)	$	2,717

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), 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 54 for our definition of this measure.

(4)Represents a non-cash real estate impairment loss related to 60 Wall Street.

(5)Represents a non-cash impairment loss related to residential condominium units at One Steuart Lane.

- 31 -

  UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	218,457		$	32,839		$	43,505		$	23,127		$	11,367		$	107,619		(2)
Total operating expenses			129,035			16,180			20,542			10,023			5,220			77,070		(2)
Net operating income (3)			89,422			16,659			22,963			13,104			6,147			30,549
Depreciation and amortization			(68,140	)		(8,099	)		(24,257	)		(12,689	)		(5,570	)		(17,525	)
Interest and other income (loss), net			487			75			121			12			(12	)		291
Interest and debt expense			(47,900	)		(8,047	)		(10,245	)		(5,570	)		(5,065	)		(18,973	)
(Loss) income before income taxes			(26,131	)		588			(11,418	)		(5,143	)		(4,500	)		(5,658	)
Income tax expense			(54	)		-			(3	)		(34	)		(4	)		(13	)
Net (loss) income		$	(26,185	)	$	588		$	(11,421	)	$	(5,177	)	$	(4,504	)	$	(5,671	)
PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(14,796	)	$	294		$	(7,661	)	$	(2,287	)	$	(2,207	)	$	(2,935	)
	Step-up basis adjustment		(236	)		-			-			(9	)		-			(227	)
	Adjustments to equity in earnings for    distributions from an unconsolidated joint venture		(294	)		(294	)		-			-			-			-
	PGRE's share of net loss		(15,326	)		-			(7,661	)		(2,296	)		(2,207	)		(3,162	)
	Real estate depreciation and amortization		29,763			4,050			16,252			5,604			2,729			1,128
	FFO (3)		14,437			4,050			8,591			3,308			522			(2,034	)
	Adjustments to equity in earnings for    distributions from an unconsolidated joint venture		294			294			-			-			-			-
	FFO attributable to One Steuart Lane		3,283			-			-			-			-			3,283
	Core FFO (3)	$	18,014		$	4,344		$	8,591		$	3,308		$	522		$	1,249
Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(11,389	)	$	294		$	(3,760	)	$	(2,890	)	$	(2,297	)	$	(2,736	)
	Real estate depreciation and amortization		38,613			4,049			8,005			7,094			2,841			16,624
	FFO (3)		27,224			4,343			4,245			4,204			544			13,888
	FFO attributable to One Steuart Lane		5,796			-			-			-			-			5,796
	Core FFO (3)	$	33,020		$	4,343		$	4,245		$	4,204		$	544		$	19,684

(1)Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), 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 54 for our definition of this measure.

- 32 -

  REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2023							As of September 30, 2023
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	20,519	$	376	$	20,143		$	193,547
	Accounts and other receivables		134		-		134			-
	Real estate related fund investments (2)		68,225		68,225		-			155,022
	Investments in unconsolidated joint ventures		90,865		-		90,865	(3)		-
	Other assets		14		14		-			497
Total Assets		$	179,757	$	68,615	$	111,142		$	349,066
Liabilities:
	Accounts payable and accrued expenses	$	101	$	73	$	28		$	64
	Other liabilities		1		1		-			1
Total Liabilities			102		74		28			65
Equity:
	Paramount Group, Inc. equity		16,682		8,925		7,757			4,537
	Joint Venture Partners' equity		162,973		59,616		103,357			344,464
Total Equity			179,655		68,541		111,114			349,001
Total Liabilities and Equity		$	179,757	$	68,615	$	111,142		$	349,066

(1)Represents Paramount Group Real Estate Fund VII, LP (“Fund VII”), Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”) and Paramount Group Real Estate Fund VIII, LP (“Fund VIII”).

(2)Primarily represents investments in mezzanine loans.

(3)Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 33 -

  REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2022							As of December 31, 2022
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	3,551	$	199	$	3,352		$	29,076
	Accounts and other receivables		3,650		-		3,650			-
	Real estate related fund investments (2)		105,369		105,369		-			232,295
	Investments in unconsolidated joint ventures		77,961		-		77,961	(3)		-
	Other assets		3,632		201		3,431			342
Total Assets		$	194,163	$	105,769	$	88,394		$	261,713
Liabilities:
	Accounts payable and accrued expenses	$	85	$	34	$	51		$	-
	Other liabilities		248		14		234			91
Total Liabilities			333		48		285			91
Equity:
	Paramount Group, Inc. equity		20,455		13,766		6,689			3,411
	Joint Venture Partners' equity		173,375		91,955		81,420			258,211
Total Equity			193,830		105,721		88,109			261,622
Total Liabilities and Equity		$	194,163	$	105,769	$	88,394		$	261,713

(1)Represents Fund VII, Fund VII-H and Fund VIII.

(2)Primarily represents investments in mezzanine loans.

(3)Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 34 -

  REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)

												Three Months Ended
		Three Months Ended September 30, 2023										September 30, 2023
		Consolidated Funds
		Total						Residential				Total
		Consolidated Funds			Fund X (1)			Development Fund				Unconsolidated Funds (2)
Net investment income		$	2,032		$	2,032		$	-			$	1,571
Net realized losses			-			-			-				(7	)
Net unrealized gains (losses)			28			28			-				(57,370	)
Income (loss) from real estate related fund investments			2,060			2,060			-				(55,806	)
Loss from unconsolidated joint ventures			(25,037	)		-			(25,037	)	(3)		-
Interest and other income, net			203			-			203				-
(Loss) income before income taxes			(22,774	)		2,060			(24,834	)			(55,806	)
Income tax benefit			1			-			1				-
Net (loss) income		$	(22,773	)	$	2,060		$	(24,833	)		$	(55,806	)
PGRE's share
Ownership		Total			13.0%			7.4%				Total
	Net (loss) income	$	(2,113	)	$	269		$	(2,382	)		$	(721	)
	Management fee income		274			274			-				-
	PGRE's share of net (loss) income		(1,839	)		543			(2,382	)			(721	)
	Real estate depreciation and amortization		1			-			1				-
	FFO (4)		(1,838	)		543			(2,381	)			(721	)
	Impairment loss related to residential condominium    units at One Steuart Lane		1,772			-			1,772				-
	FFO attributable to One Steuart Lane		80			-			80				-
	Realized and unrealized gains and losses from real estate     related fund investments		(4	)		(4	)		-				739
	Core FFO (4)	$	10		$	539		$	(529	)		$	18
Joint Venture Partners' share
Ownership		Total			87.0%			92.6%				Total
	Net (loss) income	$	(20,660	)	$	1,791		$	(22,451	)		$	(55,085	)
	Management fee expense		(274	)		(274	)		-				-
	Net (loss) income attributable to joint venture partners		(20,934	)		1,517			(22,451	)			(55,085	)
	Real estate depreciation and amortization		1			-			1				-
	FFO (4)		(20,933	)		1,517			(22,450	)			(55,085	)
	Impairment loss related to residential condominium    units at One Steuart Lane		22,170			-			22,170				-
	FFO attributable to One Steuart Lane		1,013			-			1,013				-
	Realized and unrealized gains and losses from real estate     related fund investments		(24	)		(24	)		-				56,638
	Core FFO (4)	$	2,226		$	1,493		$	733			$	1,553

(1)Prior to December 12, 2022, Fund X was accounted for under the equity method of accounting. Subsequent to December 12, 2022, we increased our ownership in Fund X to 13.0% and began consolidating Fund X into our consolidated financial statements.

(2)Represents Fund VII, Fund VII-H and Fund VIII.

(3)Represents RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane.

(4)See page 54 for our definition of this measure.

- 35 -

  REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended
		September 30, 2022			Three Months Ended September 30, 2022
					Total
		Consolidated Fund (1)			Unconsolidated Funds			Fund X			Other (2)
Net investment income		$	-		$	6,132		$	3,504		$	2,628
Net unrealized gains (losses)			-			444			(395	)		839
Income from real estate related fund investments			-			6,576			3,109			3,467
Loss from unconsolidated joint ventures			(1,516	)		-			-			-
Interest and other income, net			110			-			-			-
Net (loss) income		$	(1,406	)	$	6,576		$	3,109		$	3,467
PGRE's share
Ownership		7.4%			Total			8.2%			Various
	Net (loss) income	$	(97	)	$	300		$	256		$	44
	Management fee income		-			-			-			-
	PGRE's share of net (loss) income		(97	)		300			256			44
	Real estate depreciation and amortization		2			-			-			-
	FFO (3)		(95	)		300			256			44
	FFO attributable to One Steuart Lane		111			-			-			-
	Realized and unrealized gains and losses from     real estate related fund investments		-			21			32			(11	)
	Core FFO (3)	$	16		$	321		$	288		$	33
Joint Venture Partners' share
Ownership		92.6%			Total			91.8%			Various
	Net (loss) income	$	(1,309	)	$	6,276		$	2,853		$	3,423
	Management fee expense		-			-			-			-
	Net (loss) income attributable to joint venture partners		(1,309	)		6,276			2,853			3,423
	Real estate depreciation and amortization		5			-			-			-
	FFO (3)		(1,304	)		6,276			2,853			3,423
	FFO attributable to One Steuart Lane		1,398			-			-			-
	Realized and unrealized gains and losses from     real estate related fund investments		-			(465	)		363			(828	)
	Core FFO (3)	$	94		$	5,811		$	3,216		$	2,595

(1)Represents Residential Development Fund.

(2)Represents Fund VII, Fund VII-H and Fund VIII.

(3)See page 54 for our definition of this measure.

- 36 -

  REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)

													Nine Months Ended
		Nine Months Ended September 30, 2023											September 30, 2023
		Consolidated Funds
		Total							Residential				Total
		Consolidated Funds			Fund X (1)				Development Fund				Unconsolidated Funds (2)
Net investment income		$	9,741		$	9,741			$	-			$	7,112
Net realized losses			(1,224	)		(1,224	)			-				(7	)
Net unrealized losses			(45,551	)		(45,551	)	(3)		-				(74,258	)
Loss from real estate related fund investments			(37,034	)		(37,034	)			-				(67,153	)
Loss from unconsolidated joint ventures			(27,811	)		-				(27,811	)	(4)		-
Interest and other income, net			815			-				815				-
Net loss		$	(64,030	)	$	(37,034	)		$	(26,996	)		$	(67,153	)
PGRE's share
Ownership		Total			13.0%				7.4%				Total
	Net loss	$	(7,462	)	$	(4,822	)		$	(2,640	)		$	(867	)
	Management fee income		844			844				-				-
	PGRE's share of net loss		(6,618	)		(3,978	)			(2,640	)			(867	)
	Real estate depreciation and amortization		1			-				1				-
	FFO (5)		(6,617	)		(3,978	)			(2,639	)			(867	)
	Impairment loss related to residential condominium    units at One Steuart Lane		1,772			-				1,772				-
	FFO attributable to One Steuart Lane		285			-				285				-
	Realized and unrealized losses from real estate     related fund investments		6,090			6,090				-				957
	Core FFO (5)	$	1,530		$	2,112			$	(582	)		$	90
Joint Venture Partners' share
Ownership		Total			87.0%				92.6%				Total
	Net loss	$	(56,568	)	$	(32,212	)		$	(24,356	)		$	(66,286	)
	Management fee expense		(844	)		(844	)			-				-
	Net loss attributable to joint venture partners		(57,412	)		(33,056	)			(24,356	)			(66,286	)
	Real estate depreciation and amortization		14			-				14				-
	FFO (5)		(57,398	)		(33,056	)			(24,342	)			(66,286	)
	Impairment loss related to residential condominium    units at One Steuart Lane		22,170			-				22,170				-
	FFO attributable to One Steuart Lane		3,569			-				3,569				-
	Realized and unrealized losses from real estate     related fund investments		40,685			40,685				-				73,308
	Core FFO (5)	$	9,026		$	7,629			$	1,397			$	7,022

(1)Prior to December 12, 2022, Fund X was accounted for under the equity method of accounting. Subsequent to December 12, 2022, we increased our ownership in Fund X to 13.0% and began consolidating Fund X into our consolidated financial statements.

(2)Represents Fund VII, Fund VII-H and Fund VIII.

(3)Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.

(4)Includes RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane.

(5)See page 54 for our definition of this measure.

- 37 -

  REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended
		September 30, 2022			Nine Months Ended September 30, 2022
					Total
		Consolidated Fund (1)			Unconsolidated Funds			Fund X			Other (2)
Net investment income		$	-		$	14,674		$	6,865		$	7,809
Net realized losses			-			(2,269	)		-			(2,269	)
Net unrealized (losses) gains			-			(2,871	)		382			(3,253	)
Income from real estate related fund investments			-			9,534			7,247			2,287
Loss from unconsolidated joint ventures			(3,303	)		-			-			-
Interest and other income, net			325			-			-			-
(Loss) income before income taxes			(2,978	)		9,534			7,247			2,287
Income tax expense			(2	)		-			-			-
Net (loss) income		$	(2,980	)	$	9,534		$	7,247		$	2,287
PGRE's share
Ownership		7.4%			Total			8.2%			Various
	Net (loss) income	$	(303	)	$	625		$	597		$	28
	Management fee income		-			-			-			-
	PGRE's share of net (loss) income		(303	)		625			597			28
	Real estate depreciation and amortization		2			-			-			-
	FFO (3)		(301	)		625			597			28
	FFO attributable to One Steuart Lane		243			-			-			-
	Realized and unrealized gains and losses from     real estate related fund investments		-			39			(32	)		71
	Core FFO (3)	$	(58	)	$	664		$	565		$	99
Joint Venture Partners' share
Ownership		92.6%			Total			91.8%			Various
	Net (loss) income	$	(2,677	)	$	8,909		$	6,650		$	2,259
	Management fee expense		-			-			-			-
	Net (loss) income attributable to joint venture partners		(2,677	)		8,909			6,650			2,259
	Real estate depreciation and amortization		18			-			-			-
	FFO (3)		(2,659	)		8,909			6,650			2,259
	FFO attributable to One Steuart Lane		3,040			-			-			-
	Realized and unrealized gains and losses from     real estate related fund investments		-			5,101			(350	)		5,451
	Core FFO (3)	$	381		$	14,010		$	6,300		$	7,710

(1)Represents Residential Development Fund.

(2)Represents Fund VII, Fund VII-H and Fund VIII.

(3)See page 54 for our definition of this measure.

- 38 -

  CAPITAL STRUCTURE

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

			As of September 30, 2023
Debt:
	Consolidated debt:
		Notes and mortgages payable (1)	$	3,817,050
		Revolving Credit Facility		-
				3,817,050
	Less:
		Noncontrolling interests' share of consolidated debt (2)		(782,120	)
	Add:
		PGRE's share of unconsolidated joint venture debt (3)		626,292
	PGRE's Share of Total Debt (4)			3,661,222

		Shares / Units		Share Price as of
Equity:		Outstanding		September 30, 2023
	Common stock		217,353,507	$	4.62		1,004,173
	Operating Partnership units		19,429,601		4.62		89,765
	Total equity		236,783,108		4.62		1,093,938
Total Market Capitalization						$	4,755,160

(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 54 for our definition of this measure.

- 39 -

  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			4.87	%		500,000			2.49	%		360,000			8.18	%
	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		232,050			4.50	%		232,050			4.50	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,817,050			3.88	%		3,457,050			3.43	%		360,000			8.18	%
Noncontrolling interests' share			(782,120	)		3.96	%		(782,120	)		3.96	%		-			-
PGRE's share of consolidated debt		$	3,034,930			3.86	%	$	2,674,930			3.27	%	$	360,000			8.18	%
Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		411,580			3.20	%		402,000			3.11	%		9,580			6.94	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		160,939			7.48	%		-			-			160,939			7.48	%
	1600 Broadway		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street		575,000			7.78	%		-			-			575,000			7.78	%
	Oder-Center, Germany		12,419			5.20	%		-			-			12,419			5.20	%
Total unconsolidated debt			1,745,438			5.24	%		987,500			3.37	%		757,938			7.67	%
Joint venture partners' share			(1,119,146	)		5.88	%		(476,475	)		3.43	%		(642,671	)		7.69	%
PGRE's share of unconsolidated debt		$	626,292			4.09	%	$	511,025			3.32	%	$	115,267			7.50	%
PGRE's share of Total Debt (1)		$	3,661,222			3.90	%	$	3,185,955			3.28	%	$	475,267			8.01	%

Revolving Credit Facility Covenants: (2)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		45.6	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		45.6	%		Consolidated fixed rate debt	$	2,674,930
	Fixed Charge Coverage	Greater than 1.5x	2.86x				Unconsolidated fixed rate debt		511,025
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,185,955		87.0	%
	Unencumbered Interest Coverage	Greater than 1.75x	41.50x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		115,267
							PGRE's share of variable rate debt		475,267		13.0	%
							PGRE's share of Total Debt (4)	$	3,661,222		100.0	%

(1)See page 54 for our definition of this measure.

(2)This section presents ratios as of September 30, 2023 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.

- 40 -

  DEBT MATURITIES

(unaudited and in thousands)

Consolidated Debt:		2023				2024			2025			2026			2027			Thereafter			Total
	One Market Plaza	$	-			$	975,000		$	-		$	-		$	-		$	-		$	975,000
	31 West 52nd Street		-				-			-			500,000			-			-			500,000
	1301 Avenue of the Americas		-				-			-			860,000			-			-			860,000
	300 Mission Street		-				-			-			232,050			-			-			232,050
	1633 Broadway		-				-			-			-			-			1,250,000			1,250,000
	Revolving Credit Facility		-				-			-			-			-			-			-
Total consolidated debt			-				975,000			-			1,592,050			-			1,250,000			3,817,050
Noncontrolling interests' share			-				(497,250	)		-			(159,882	)		-			(124,988	)		(782,120	)
PGRE's share of consolidated debt		$	-			$	477,750		$	-		$	1,432,168		$	-		$	1,125,012		$	3,034,930
Unconsolidated Joint Venture Debt:
	60 Wall Street	$	575,000		(1)	$	-		$	-		$	-		$	-		$	-		$	575,000
	111 Sutter Street		-				160,939			-			-			-			-			160,939
	Market Center		-				-			411,580			-			-			-			411,580
	55 Second Street		-				-			-			187,500			-			-			187,500
	712 Fifth Avenue		-				-			-			-			300,000			-			300,000
	Oder-Center, Germany		-				-			-			-			-			12,419			12,419
	1600 Broadway		-				-			-			-			-			98,000			98,000
Total unconsolidated debt			575,000				160,939			411,580			187,500			300,000			110,419			1,745,438
Joint venture partners' share			(546,192	)			(82,079	)		(135,821	)		(104,831	)		(150,000	)		(100,223	)		(1,119,146	)
PGRE's share of unconsolidated debt		$	28,808			$	78,860		$	275,759		$	82,669		$	150,000		$	10,196		$	626,292
PGRE's Share of Total Debt (2)		$	28,808			$	556,610		$	275,759		$	1,514,837		$	150,000		$	1,135,208		$	3,661,222
Weighted average rate			7.78	%			4.52	%		3.20	%		4.44	%		3.39	%		3.00	%		3.90	%
% of debt maturing			0.8	%			15.2	%		7.5	%		41.4	%		4.1	%		31.0	%		100.0	%

(1)The joint venture that owns 60 Wall Street defaulted on its loan and is currently in negotiations with the lender to modify the loan.

(2)See page 54 for our definition of this measure.

- 41 -

  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	%		100.0	%		100.0	%	$	186,417	$	82.33		2,272,773		-		2,272,773	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		96.6	%		96.6	%		11,165		66.77		253,609		-		253,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.7	%		99.7	%		197,582		81.95		2,526,382		-		2,526,382
1301 Avenue of the Americas
	Office		100.0	%		79.5	%		70.0	%		100,132		85.42		1,695,600		-		1,695,600	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff,
																					O'Melveny & Myers
	Retail / Amenity Center		100.0	%		89.8	%		89.8	%		2,563		183.83		50,722		-		50,722	Ocean Prime, Starbucks
			100.0	%		79.8	%		70.6	%		102,695		86.48		1,746,322		-		1,746,322
1325 Avenue of the Americas
	Office		100.0	%		93.7	%		93.7	%		50,323		67.99		809,383		-		809,383	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore
	Retail		100.0	%		96.7	%		96.7	%		1,393		87.88		15,498		-		15,498	La Grande Boucherie
			100.0	%		93.8	%		93.8	%		51,716		68.29		824,881		-		824,881
31 West 52nd Street
	Office		100.0	%		96.4	%		92.8	%		64,656		93.94		742,139		-		742,139	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																					Centerview Partners, Bracewell, Providence Equity Partners,
																					Wilson Sonsini
	Retail		100.0	%		87.1	%		87.1	%		4,742		117.17		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		96.1	%		92.6	%		69,398		94.67		768,052		-		768,052
900 Third Avenue
	Office		100.0	%		82.4	%		78.6	%		32,053		71.14		575,196		-		575,196	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse &
																					Hirschtritt, Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,334		97.31		16,144		-		16,144	Bank of America
			100.0	%		82.4	%		78.7	%		33,387		71.89		591,340		-		591,340
712 Fifth Avenue
	Office		50.0	%		80.6	%		75.6	%		42,057		121.58		457,581		-		457,581	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		8,029		446.18		85,917		-		85,917	Harry Winston
			50.0	%		71.2	%		66.9	%		50,086		137.59		543,498		-		543,498
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,678		316.98		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,625,483		1,625,483
	Subtotal / Weighted average					90.0	%		86.7	%	$	515,542	$	86.40		7,026,168		1,625,483		8,651,651
	PGRE's share					90.4	%		86.9	%	$	461,047	$	83.85		6,478,477		81,437		6,559,914

(1)See page 54 for our definition of this measure.

(2)Represents office and retail space only.

(3)In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment .

- 42 -

  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	%		96.6	%		96.6	%	$	163,634	$	109.23		1,555,679		-		1,555,679	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		74.5	%		74.5	%		5,096		75.59		53,874		-		53,874	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		95.8	%		95.8	%		168,730		108.40		1,609,553		-		1,609,553
Market Center
	Office		67.0	%		57.5	%		54.3	%		36,935		91.62		744,403		-		744,403	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		0.8	%		0.8	%		146		-		5,950		-		5,950
			67.0	%		57.0	%		53.9	%		37,081		91.62		750,353		-		750,353
300 Mission Street
	Office		31.1	%		80.9	%		80.9	%		47,962		98.32		605,662		-		605,662	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		2,954		66.49		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		50,916		95.72		654,834		-		654,834
One Front Street
	Office		100.0	%		88.6	%		88.6	%		50,178		89.67		632,762		-		632,762	JPMorgan, Coinbase, JLL, Cigna
	Retail		100.0	%		97.5	%		97.5	%		1,213		92.84		13,137		-		13,137	JPMorgan
			100.0	%		88.8	%		88.8	%		51,391		89.74		645,899		-		645,899
55 Second Street
	Office		44.1	%		86.4	%		83.3	%		26,168		85.07		370,463		-		370,463	KPMG, Intercom, Rippling, UKG
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		923		113.53		7,480		-		7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		86.7	%		83.6	%		27,091		85.74		377,943		-		377,943
111 Sutter Street
	Office		49.0	%		53.3	%		53.3	%		11,370		87.13		247,921		-		247,921	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,668		65.60		29,358		-		29,358	24 Hour Fitness
			49.0	%		56.8	%		56.8	%		13,038		83.62		277,279		-		277,279
	Subtotal / Weighted average					82.5	%		81.7	%	$	348,247	$	98.39		4,315,861		-		4,315,861
	PGRE's share					82.0	%		81.1	%	$	193,084	$	97.09		2,443,510		-		2,443,510
Total / Weighted average						87.1	%		84.8	%	$	863,789	$	90.92		11,342,029		1,625,483		12,967,512
PGRE's share						88.1	%		85.4	%	$	654,131	$	87.41		8,921,987		81,437		9,003,424

(1)See page 54 for our definition of this measure.

(2)Represents office and retail space only.

- 43 -

  SAME STORE LEASED OCCUPANCY

(unaudited)

				As of September 30, 2023						As of June 30, 2023						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	%		99.7	%		99.7	%		99.7	%		99.7	%		-	%
1301 Avenue of the Americas		100.0	%		79.8	%		79.8	%		79.8	%		79.8	%		-	%
1325 Avenue of the Americas		100.0	%		93.8	%		93.8	%		93.8	%		93.8	%		-	%
31 West 52nd Street		100.0	%		96.1	%		96.1	%		96.4	%		96.4	%		(0.3	%)
900 Third Avenue		100.0	%		82.4	%		82.4	%		82.4	%		82.4	%		-	%
712 Fifth Avenue		50.0	%		71.2	%		71.2	%		73.2	%		73.2	%		(2.0	%)
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%	N/A				-	%		-	%
Weighted average					90.0	%		90.0	%		90.2	%		90.2	%		(0.2	%)
PGRE's share					90.4	%		90.4	%		90.5	%		90.5	%		(0.1	%)
San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		95.8	%		95.8	%		-	%
Market Center		67.0	%		57.0	%		57.0	%		79.4	%		79.4	%		(22.4	%)
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		88.8	%		88.8	%		91.7	%		91.7	%		(2.9	%)
55 Second Street		44.1	%		86.7	%		86.7	%		83.7	%		83.7	%		3.0	%
111 Sutter Street		49.0	%		56.8	%		56.8	%		57.0	%		57.0	%		(0.2	%)
Weighted average					82.5	%		82.5	%		86.6	%		86.6	%		(4.1	%)
PGRE's share					82.0	%		82.0	%		87.2	%		87.2	%		(5.2	%)
Weighted average					87.1	%		87.1	%		88.8	%		88.8	%		(1.7	%)
PGRE's share					88.1	%		88.1	%		89.6	%		89.6	%		(1.5	%)

(1)See page 54 for our definition of this measure.

(2)In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 44 -

  SAME STORE LEASED OCCUPANCY

(unaudited)

				As of September 30, 2023						As of December 31, 2022						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	%		99.7	%		99.7	%		99.7	%		99.7	%		-	%
1301 Avenue of the Americas		100.0	%		79.8	%		79.8	%		88.1	%		88.1	%		(8.3	%)
1325 Avenue of the Americas		100.0	%		93.8	%		93.8	%		94.4	%		94.4	%		(0.6	%)
31 West 52nd Street		100.0	%		96.1	%		96.1	%		93.0	%		93.0	%		3.1	%
900 Third Avenue		100.0	%		82.4	%		82.4	%		79.3	%		79.3	%		3.1	%
712 Fifth Avenue		50.0	%		71.2	%		71.2	%		73.9	%		73.9	%		(2.7	%)
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%	N/A				-	%		-	%
Weighted average					90.0	%		90.0	%		91.7	%		91.7	%		(1.7	%)
PGRE's share					90.4	%		90.4	%		92.1	%		92.1	%		(1.7	%)
San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		95.8	%		95.8	%		-	%
Market Center		67.0	%		57.0	%		57.0	%		79.4	%		79.4	%		(22.4	%)
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		88.8	%		88.8	%		97.0	%		97.0	%		(8.2	%)
55 Second Street		44.1	%		86.7	%		86.7	%		86.0	%		86.0	%		0.7	%
111 Sutter Street		49.0	%		56.8	%		56.8	%		59.4	%		59.4	%		(2.6	%)
Weighted average					82.5	%		82.5	%		87.8	%		87.8	%		(5.3	%)
PGRE's share					82.0	%		82.0	%		88.9	%		88.9	%		(6.9	%)
Weighted average					87.1	%		87.1	%		90.2	%		90.2	%		(3.1	%)
PGRE's share					88.1	%		88.1	%		91.3	%		91.3	%		(3.2	%)

(1)See page 54 for our definition of this measure.

(2)In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 45 -

  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 September 30, 2023			Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase Bank (3)		One Front Street	Jun-2025		241,854			241,854		$	20,883	$	86.04		3.2	%
				Dec-2029		76,999			76,999			8,015		104.09		1.2	%
				Dec-2030		25,157			25,157			2,389		94.41		0.4	%
						344,010			344,010			31,287		90.69		4.8	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024		328,543	(4)		328,543	(4)		29,977		91.23		4.6	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031		320,911			288,823			28,725		99.46		4.4	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,206		91.46		1.6	%
				Sep-2034		179,286			179,286			17,782		94.91		2.7	%
						290,875			290,875			27,988		93.59		4.3	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032		260,829			234,749			20,051		85.41		3.1	%
	WMG Acquisition Corp.		1633 Broadway	Jul-2029		288,250			259,428			18,197		69.49		2.8	%
		(Warner Music Group)
	Showtime Networks, Inc.		1633 Broadway	Jan-2026		253,196			227,879			17,377		74.64		2.7	%
	Google, Inc.		One Market Plaza	Apr-2025		339,833			166,518			16,228		97.03		2.5	%
	Kasowitz Benson Torres		1633 Broadway	May-2024		50,718			45,647			3,709		81.26		0.6	%
				Mar-2037		152,676			137,410			11,166		81.26		1.7	%
						203,394			183,057			14,875		81.26		2.3	%
	Autodesk, Inc.		One Market Plaza	Dec-2023		36,436			17,854			1,887		105.69		0.3	%
				Jun-2026		109,432			53,622			6,116		114.04		1.0	%
			300 Mission	Feb-2032		117,673			36,596			4,140		113.13		0.6	%
						263,541			108,072			12,143		112.36		1.9	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of September 30, 2023		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,778,529		23.4	%	$	158,203		24.2	%
	Technology and Media		1,566,674		20.6	%		130,619		20.0	%
	Financial Services - Commercial and Investment Banking		1,321,034		17.3	%		111,288		17.0	%
	Financial Services, all others		1,113,858		14.6	%		106,633		16.3	%
	Insurance		418,050		5.5	%		40,627		6.2	%
	Retail		162,193		2.1	%		17,936		2.8	%
	Travel and Leisure		206,823		2.7	%		13,967		2.1	%
	Consumer Products		121,732		1.6	%		10,374		1.6	%
	Other Professional Services		111,420		1.5	%		10,113		1.5	%
	Other		814,867		10.7	%		54,371		8.3	%

(1)See page 54 for our definition of this measure.

(2)Represents office and retail space only.

(3)On June 30, 2023, we entered into a surrender and assumption agreement with JPMorgan whereby JPMorgan (i) assumed, under the same lease terms that we had with First Republic, 344,010 square feet of existing space, and (ii) surrendered the remaining 116,716 square feet of space, which largely represented space that was not being utilized by First Republic, and a majority of which (88,236 square feet) was subleased to various other tenants under lease agreements expiring between 2023 and 2024.

(4)Includes 105,756 square feet that has been pre-leased to Wilson Sonsini through March 2041.

- 46 -

  LEASING ACTIVITY (1)

(unaudited)

	Total			New York			San Francisco
Three Months Ended September 30, 2023
Total square feet leased		298,259			184,782			113,477
PGRE's share of total square feet leased:		227,082			180,847			46,235
Initial rent (2)	$	75.65		$	72.57		$	87.71
Weighted average lease term (in years)		6.5			6.6			6.0
Tenant improvements and leasing commissions:
Per square foot	$	58.41		$	60.77		$	49.16
Per square foot per annum	$	8.96		$	9.14		$	8.17
Percentage of initial rent		11.8	%		12.6	%		9.3	%
Rent concessions:
Average free rent period (in months)		5.0			5.1			4.9
Average free rent period per annum (in months)		0.8			0.8			0.8
Second generation space: (2)
Square feet		220,495			179,333			41,162
Cash basis:
Initial rent (2)	$	75.26		$	72.30		$	88.17
Prior escalated rent (2)	$	75.58		$	71.84		$	91.86
Percentage (decrease) increase		(0.4	%)		0.6	%		(4.0	%)
GAAP basis:
Straight-line rent (2)	$	74.24		$	70.66		$	89.83
Prior straight-line rent (2)	$	73.89		$	70.76		$	87.52
Percentage increase (decrease)		0.5	%		(0.1	%)		2.6	%

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

(2)See page 54 for our definition of this measure.

- 47 -

  LEASING ACTIVITY (1)

(unaudited)

	Total			New York			San Francisco
Nine Months Ended September 30, 2023
Total square feet leased		565,740			363,530			202,210
PGRE's share of total square feet leased:		454,819			352,901			101,918
Initial rent (2)	$	78.42		$	75.62		$	88.14
Weighted average lease term (in years)		9.5			10.7			5.3
Tenant improvements and leasing commissions:
Per square foot	$	107.69		$	117.74		$	72.88
Per square foot per annum	$	11.37		$	11.03		$	13.76
Percentage of initial rent		14.5	%		14.6	%		15.6	%
Rent concessions:
Average free rent period (in months)		9.5			10.4			6.3
Average free rent period per annum (in months)		1.0			1.0			1.2
Second generation space: (2)
Square feet		398,891			302,046			96,845
Cash basis:
Initial rent (2)	$	78.49		$	75.33		$	88.35
Prior escalated rent (2)	$	79.46		$	76.44		$	88.89
Percentage (decrease) increase		(1.2	%)		(1.5	%)		(0.6	%)
GAAP basis:
Straight-line rent (2)	$	76.64		$	73.87		$	85.26
Prior straight-line rent (2)	$	75.94		$	71.87		$	88.62
Percentage increase (decrease)		0.9	%		2.8	%		(3.8	%)

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

(2)See page 54 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			9,727		7,141	$	815	$	-		0.1	%
	4Q 2023			128,201		105,490		8,901		84.18		1.3	%
	1Q 2024			298,781		241,295		19,446		80.59		2.9	%
	2Q 2024			358,190		334,547		29,994		89.74		4.5	%
	3Q 2024			211,004		191,747		16,108		83.88		2.4	%
	4Q 2024			65,124		47,540		3,779		79.55		0.5	%
	Total 2024			933,099		815,129		69,327		85.05		10.3	%
		2025		1,531,633		1,046,290		94,413		90.19		14.0	%
		2026		1,385,151		953,368		85,028		86.77		12.6	%
		2027		295,870		219,154		19,848		90.35		3.0	%
		2028		333,432		248,232		20,199		81.46		3.0	%
		2029		627,012		538,315		42,179		83.93		6.3	%
		2030		648,057		551,576		49,890		90.57		7.4	%
		2031		597,085		519,453		50,985		94.70		7.6	%
		2032		954,749		649,950		60,927		93.76		9.1	%
	Thereafter			2,439,784		2,202,590		169,968		82.89		25.3	%

(1)See page 54 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.

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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			2,596		2,421	$	494	$	-		0.1	%
	4Q 2023			86,137		77,524		5,927		76.17		1.2	%
	1Q 2024			134,449		121,650		8,947		73.50		1.9	%
	2Q 2024			284,690		279,619		24,950		89.20		5.2	%
	3Q 2024			178,337		173,210		13,945		80.39		2.9	%
	4Q 2024			35,689		30,267		2,168		71.64		0.5	%
	Total 2024			633,165		604,746		50,010		82.63		10.5	%
		2025		409,295		349,150		31,658		90.55		6.6	%
		2026		682,621		617,728		50,183		77.43		10.5	%
		2027		168,079		152,926		13,144		85.69		2.7	%
		2028		109,460		93,462		6,535		69.75		1.4	%
		2029		535,749		491,491		37,550		82.39		7.9	%
		2030		443,849		433,133		37,500		86.73		7.8	%
		2031		503,270		455,976		45,060		94.85		9.4	%
		2032		492,354		455,927		39,124		85.81		8.2	%
	Thereafter			2,255,233		2,118,836		161,319		81.99		33.7	%

(1)See page 54 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.

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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			7,131		4,720	$	321	$	-		0.2	%
	4Q 2023			42,064		27,966		2,974		106.45		1.5	%
	1Q 2024			164,332		119,645		10,499		87.81		5.4	%
	2Q 2024			73,500		54,928		5,044		92.52		2.6	%
	3Q 2024			32,667		18,537		2,163		116.52		1.1	%
	4Q 2024			29,435		17,273		1,611		93.43		0.8	%
	Total 2024			299,934		210,383		19,317		92.03		9.9	%
		2025		1,122,338		697,140		62,755		90.00		32.4	%
		2026		702,530		335,640		34,845		103.80		18.0	%
		2027		127,791		66,228		6,704		101.10		3.5	%
		2028		223,972		154,770		13,664		88.56		7.0	%
		2029		91,263		46,824		4,629		98.85		2.4	%
		2030		204,208		118,443		12,390		104.61		6.4	%
		2031		93,815		63,477		5,925		93.65		3.1	%
		2032		462,395		194,023		21,803		112.45		11.1	%
	Thereafter			184,551		83,754		8,649		103.39		4.5	%

(1)See page 54 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.

- 51 -

  CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Three Months Ended September 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	7,934		$	5,324		$	2,590		$	20
Second generation tenant improvements		10,261			6,946			3,315			-
Second generation leasing commissions		3,190			2,172			1,018			-
Total Capital Expenditures		21,385			14,442			6,923			20
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(3,537	)		(660	)		(2,877	)		-
PGRE's share of Total Capital Expenditures	$	17,848		$	13,782		$	4,046		$	20
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Paramount Club	$	5,324		$	5,324		$	-		$	-
Other		28			28			-			-
Total Redevelopment Expenditures		5,352			5,352			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	5,352		$	5,352		$	-		$	-
	Three Months Ended September 30, 2022
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	11,834		$	7,109		$	4,664		$	61
Second generation tenant improvements		4,746			2,260			2,486			-
Second generation leasing commissions		7,682			6,041			1,641			-
Total Capital Expenditures		24,262			15,410			8,791			61
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(4,099	)		(198	)		(3,901	)		-
PGRE's share of Total Capital Expenditures	$	20,163		$	15,212		$	4,890		$	61
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Lobby renovations and other	$	2,549		$	2,549		$	-		$	-
Total Redevelopment Expenditures		2,549			2,549			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	2,549		$	2,549		$	-		$	-

(1)See page 54 for our definition of this measure.

- 52 -

  CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Nine Months Ended September 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	33,713		$	25,316		$	8,021		$	376
Second generation tenant improvements		25,408			12,626			12,782			-
Second generation leasing commissions		7,129			4,443			2,686			-
Total Capital Expenditures		66,250			42,385			23,489			376
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(10,811	)		(958	)		(9,853	)		-
PGRE's share of Total Capital Expenditures	$	55,439		$	41,427		$	13,636		$	376
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Paramount Club	$	14,249		$	14,249		$	-		$	-
Other		896			896			-			-
Total Redevelopment Expenditures		15,145			15,145			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	15,145		$	15,145		$	-		$	-
	Nine Months Ended September 30, 2022
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	36,127		$	27,183		$	8,824		$	120
Second generation tenant improvements		30,122			16,763			13,359			-
Second generation leasing commissions		13,071			10,682			2,389			-
Total Capital Expenditures		79,320			54,628			24,572			120
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(10,857	)		(1,559	)		(9,298	)		-
PGRE's share of Total Capital Expenditures	$	68,463		$	53,069		$	15,274		$	120
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Lobby renovations	$	4,082		$	4,036		$	46		$	-
Elevator modernizations		2,055			2,019			36			-
Other		2,808			2,720			88			-
Total Redevelopment Expenditures		8,945			8,775			170			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(283	)		(172	)		(111	)		-
PGRE's share of Total Redevelopment Expenditures	$	8,662		$	8,603		$	59		$	-

(1)See page 54 for our definition of this measure.

- 53 -

  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 related 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 and adjustments, realized and unrealized gains or losses on real estate related 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 related 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 related 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.

- 54 -

  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 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 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 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.

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) prior to its originally scheduled expiration, or (ii) 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.

- 55 -