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 elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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  TABLE OF CONTENTS

		Page
Overview
	Company Profile	4
	Common Share Data	5
	Guidance & Assumptions	6
Selected Financial Information
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 15
	Same Store NOI (by Reportable Segment)	16 - 17
Joint Ventures and Funds
	Consolidated Joint Ventures	18 - 21
	Unconsolidated Joint Ventures	22 - 25
	Real Estate Related Funds	26 - 29
Debt and Capitalization Data
	Capital Structure	30
	Debt Analysis	31
	Debt Maturities	32
Selected Property Data
	Portfolio Summary	33 - 35
	Top Tenants and Industry Diversification	36
	Leasing Activity	37
	Lease Expirations	38 - 40
	Capital Expenditures (Cash Basis)	41
Research Coverage		42
Definitions		43 - 44

- 3 -

  COMPANY PROFILE

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

MANAGEMENT

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

BOARD OF DIRECTORS

Albert Behler	Director, Chairman of the Board
Thomas Armbrust	Director
Martin Bussmann	Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Karin Klein	Director
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	IR@pgre.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

- 4 -

  COMMON SHARE DATA

(unaudited)

		Three Months Ended
Share Price:		March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
	High	$	5.36		$	5.92		$	5.43		$	4.92		$	6.74
	Low	$	4.21		$	4.06		$	4.20		$	4.10		$	3.90
	Closing (end of period)	$	4.69		$	5.17		$	4.62		$	4.43		$	4.56
Dividends per common share		$	0.035		$	0.035		$	0.035		$	0.035		$	0.0775
Annualized dividends per common share		$	0.14		$	0.14		$	0.14		$	0.14		$	0.31
Dividend yield (on closing share price)			3.0	%		2.7	%		3.0	%		3.2	%		6.8	%

- 5 -

  GUIDANCE

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

				Full Year 2024
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.10	)	$	(0.04	)
			Our share of real estate depreciation and amortization		0.91			0.91
			Estimated FFO (1)		0.81			0.87
			Adjustments for non-core items (2)		(0.06	)		(0.06	)
			Estimated Core FFO (1)(3)	$	0.75		$	0.81
	Operating Assumptions:
		Leasing Activity (square feet)			725,000			900,000
		PGRE's share of Same Store Leased % (1) at year end			86.1	%		88.1	%
		Decrease in PGRE's share of Same Store Cash NOI (1)			(5.5	%)		(3.5	%)
		Decrease in PGRE's share of Same Store NOI (1)			(4.0	%)		(2.0	%)
	Financial Assumptions (at share):
		Estimated net loss		$	(24,000	)	$	(10,000	)
			Depreciation and amortization		213,000			213,000
			General and administrative expenses		64,500			62,500
			Interest and debt expense, including amortization of deferred financing costs		142,500			139,500
			Other, net (primarily non-cash gain on extinguishment of IPO related tax liability)		(13,000	)		(13,000	)
			Fee and other income, net of income taxes		(33,000	)		(34,000	)
		NOI (1)			350,000			358,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(19,500	)		(21,500	)
		Cash NOI (1)		$	330,500		$	336,500

(1)See page 43 for our definition of this measure.

(2)Represents non-core items for the three months ended March 31, 2024, 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 2024, which may include realized and unrealized gains or losses on real estate related fund investments, acquisition and transaction related costs and other items that are not included in Core FFO.

(3)We are raising our Estimated Core FFO Guidance for the full year of 2024, 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 May 1, 2024 and otherwise to be referenced during our conference call scheduled for May 2, 2024. 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.

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  FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

		Three Months Ended
SELECTED FINANCIAL DATA		March 31, 2024			March 31, 2023			December 31, 2023
	Net income (loss) per share - basic and diluted	$	0.05		$	0.01		$	(0.95	)
	Core FFO (1) per share - diluted	$	0.22		$	0.25		$	0.22
	PGRE's share of Adjusted EBITDAre (1)	$	86,921		$	89,091		$	86,484
	PGRE's share of Cash NOI (1)	$	88,977		$	89,800		$	86,227
	PGRE's share of NOI (1)	$	93,583		$	96,201		$	90,153
	Same Store % Change	Same Store Cash NOI (1)			Same Store NOI (1)
	Three Months Ended March 31, 2024 vs. March 31, 2023		(1.5	%)		(3.5	%)

PORTFOLIO STATISTICS (at PGRE's Share)

										% Change
										March 31, 2024			March 31, 2024
										vs.			vs.
Same Store Leased % (1)	March 31, 2024			December 31, 2023			March 31, 2023			December 31, 2023			March 31, 2023
New York		90.1	%		90.2	%		90.2	%		(0.1	%)		(0.1	%)
San Francisco		85.5	%		89.8	%		93.7	%		(4.3	%)		(8.2	%)
Weighted Average		89.1	%		90.1	%		91.0	%		(1.0	%)		(1.9	%)

(1)See page 43 for our definition of this measure.

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  CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			March 31, 2024			December 31, 2023
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,278,863			6,250,379
				8,245,100			8,216,616
		Accumulated depreciation and amortization		(1,524,078	)		(1,471,819	)
	Real estate, net			6,721,022			6,744,797
	Cash and cash equivalents			276,235			428,208
	Restricted cash			171,776			81,391
	Accounts and other receivables			16,048			18,053
	Real estate related fund investments			-			775
	Investments in unconsolidated real estate related funds			4,603			4,549
	Investments in unconsolidated joint ventures			132,788			132,239
	Deferred rent receivable			353,826			351,209
	Deferred charges, net			107,407			108,751
	Intangible assets, net			62,609			68,005
	Other assets			83,411			68,238
Total assets			$	7,929,725		$	8,006,215
Liabilities:
	Notes and mortgages payable, net		$	3,669,850		$	3,803,484
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			115,038			114,463
	Dividends and distributions payable			8,376			8,360
	Intangible liabilities, net			26,026			28,003
	Other liabilities			31,774			37,017
Total liabilities				3,851,064			3,991,327
Equity:
	Paramount Group, Inc. equity			3,199,050			3,203,285
	Noncontrolling interests in:
		Consolidated joint ventures		480,542			413,925
		Consolidated real estate related funds		103,886			110,589
		Operating Partnership		295,183			287,089
Total equity				4,078,661			4,014,888
Total liabilities and equity			$	7,929,725		$	8,006,215

- 8 -

  CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended
		March 31, 2024			March 31, 2023			December 31, 2023
Revenues:
	Rental revenue (1)	$	179,723		$	181,713		$	181,736
	Fee and other income (1)		9,154			6,761			10,735
Total revenues			188,877			188,474			192,471
Expenses:
	Operating		71,740			70,309			77,076
	Depreciation and amortization		61,114			58,888			68,866
	General and administrative		16,634			14,623			15,679
	Transaction related costs		178			128			99
Total expenses			149,666			143,948			161,720
Other income (expense):
	(Loss) income from real estate related fund investments		(43	)		3,550			(59,341	)	(2)
	Income (loss) from unconsolidated real estate related funds		105			(178	)		45
	Loss from unconsolidated joint ventures		(1,346	)		(5,762	)		(207,160	)	(3)
	Interest and other income, net (1)		19,420			2,925			4,830
	Interest and debt expense		(40,269	)		(36,459	)		(40,550	)
Income (loss) before income taxes			17,078			8,602			(271,425	)
	Income tax expense		(347	)		(288	)		(302	)
Net income (loss)			16,731			8,314			(271,727	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(5,206	)		(5,641	)		(4,585	)
	Consolidated real estate related funds		(762	)		(823	)		52,383		(2)
	Operating Partnership		(898	)		(121	)		18,379
Net income (loss) attributable to common stockholders		$	9,865		$	1,729		$	(205,550	)
	Per diluted share	$	0.05		$	0.01		$	(0.95	)

(1)See page 10 for details.

(2)Includes $60,947 of realized and unrealized losses on real estate mezzanine loan investments made by Fund X, of which our share, net of amounts attributable to noncontrolling interests, was $7,935.

(3)Includes our share of non-cash real estate impairment losses aggregating $201,496 related to Market Center and 55 Second Street.

- 9 -

  SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended
Rental Revenue:		March 31, 2024		March 31, 2023		December 31, 2023
	Property rentals	$	157,595	$	158,463	$	156,246
	Tenant reimbursements		16,990		14,458		19,637
	Straight-line rent adjustments		2,854		7,756		3,569
	Amortization of above and below-market leases, net		1,340		1,036		1,447
	Lease termination income		944		-		837
Total rental revenue		$	179,723	$	181,713	$	181,736

		Three Months Ended
Fee and Other Income:		March 31, 2024		March 31, 2023		December 31, 2023
	Asset management	$	2,305	$	2,175	$	4,115
	Property management		1,744		1,862		1,775
	Acquisition, disposition, leasing and other		2,199		520		1,601
	Total fee income		6,248		4,557		7,491
	Other (primarily parking income and tenant requested services,     including cleaning and overtime heating and cooling)		2,906		2,204		3,244
Total fee and other income		$	9,154	$	6,761	$	10,735

		Three Months Ended
Interest and Other Income, net:		March 31, 2024		March 31, 2023		December 31, 2023
	Interest income, net	$	3,983	$	2,925	$	4,830
	Non-cash gain on extinguishment of IPO related tax liability		15,437		-		-
Total interest and other income, net		$	19,420	$	2,925	$	4,830

- 10 -

  FFO

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

			Three Months Ended
			March 31, 2024			March 31, 2023			December 31, 2023
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	16,731		$	8,314		$	(271,727	)
	Real estate depreciation and amortization (including our share of     unconsolidated joint ventures)			64,424			68,431			76,723
	Our share of non-cash real estate impairment losses related to     unconsolidated joint ventures			-			-			201,496
	Amounts attributable to noncontrolling interests in consolidated joint     ventures and real estate related funds			(15,885	)		(16,005	)		37,609
	FFO attributable to the Operating Partnership			65,270			60,740			44,101
	Amounts attributable to noncontrolling interests in the Operating Partnership			(5,449	)		(3,961	)		(3,620	)
	FFO attributable to common stockholders (1)		$	59,821		$	56,779		$	40,481
	Per diluted share		$	0.28		$	0.26		$	0.19
	FFO attributable to the Operating Partnership		$	65,270		$	60,740		$	44,101
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related tax liability		(15,437	)		-			-
		Non-core assets (2)		-			(1,616	)		1,413
		Other, net (primarily adjustments related to consolidated and    unconsolidated joint ventures)		2,471			(647	)		6,165
	Core FFO attributable to the Operating Partnership			52,304			58,477			51,679
	Amounts attributable to noncontrolling interests in the Operating Partnership			(4,366	)		(3,814	)		(4,241	)
	Core FFO attributable to common stockholders (1)		$	47,938		$	54,663		$	47,438
	Per diluted share		$	0.22		$	0.25		$	0.22
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,105,686			216,563,108			217,071,959
	Effect of dilutive securities			80,723			53,912			77,069
	Denominator for FFO and Core FFO per diluted share			217,186,409			216,617,020			217,149,028

(1)See page 43 for our definition of this measure.

(2)Represents Market Center and 111 Sutter Street.

- 11 -

  FAD

(unaudited and in thousands)

			Three Months Ended
			March 31, 2024			March 31, 2023			December 31, 2023
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	52,304		$	58,477		$	51,679
	Adjustments to arrive at FAD (including our share of     unconsolidated joint ventures):
		Straight-line rent		(3,387	)		(7,691	)		(4,476	)
		Amortization of above and below-market leases, net		(1,658	)		(1,838	)		(1,912	)
		Amortization of deferred financing costs		2,443			1,893			1,825
		Amortization of stock-based compensation expense		6,194			5,117			6,310
		Expenditures to maintain assets		(10,944	)		(5,662	)		(15,347	)
		Second generation tenant improvements    and leasing commissions		(25,370	)		(12,538	)		(13,788	)
		Non-core assets (1)		-			547			1,428
		Amounts attributable to noncontrolling interests in consolidated    joint ventures and real estate related funds		4,311			8,085			3,808
	FAD attributable to the Operating Partnership			23,893			46,390			29,527
	Amounts attributable to noncontrolling interests in the    Operating Partnership			(1,995	)		(3,025	)		(2,423	)
	FAD attributable to common stockholders (2) (3)		$	21,898		$	43,365		$	27,104
	Dividends declared on common stock		$	7,607		$	16,834		$	7,608
	FAD payout ratio (2)			34.7	%		38.8	%		28.1	%

(1)Represents Market Center and 111 Sutter Street.

(2)See page 43 for our definition of this measure.

(3)FAD attributable to common stockholders and FAD payout ratios are not necessarily indicative of future FAD amounts or future FAD payout ratios 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
			March 31, 2024			March 31, 2023			December 31, 2023
Reconciliation of net income (loss) to EBITDAre and    Adjusted EBITDAre:
	Net income (loss)		$	16,731		$	8,314		$	(271,727	)
	Adjustments to arrive at EBITDAre (including our share of     unconsolidated joint ventures):
		Depreciation and amortization		64,424			68,431			76,723
		Interest and debt expense		42,787			43,673			47,178
		Our share of non-cash real estate impairment losses related to     unconsolidated joint ventures		-			-			201,496
		Income tax expense		351			293			302
		Amounts attributable to noncontrolling interests in consolidated    joint ventures and real estate related funds		(23,938	)		(25,048	)		29,540
	PGRE's share of EBITDAre (1)		$	100,355		$	95,663		$	83,512
	Adjustments to arrive at Adjusted EBITDAre:
		Non-cash gain on extinguishment of IPO related tax liability		(15,437	)		-			-
		Non-core assets (2)		-			(5,297	)		(2,553	)
		Other, net (primarily adjustments related to consolidated and    unconsolidated joint ventures)		2,003			(1,275	)		5,525
	PGRE's share of Adjusted EBITDAre (1)		$	86,921		$	89,091		$	86,484

(1)See page 43 for our definition of this measure.

(2)Represents Market Center and 111 Sutter Street.

- 13 -

  NOI

(unaudited and in thousands)

			Three Months Ended
			March 31, 2024			March 31, 2023			December 31, 2023
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)		$	16,731		$	8,314		$	(271,727	)
	Adjustments to arrive at NOI:
		Fee income		(6,248	)		(4,557	)		(7,491	)
		Depreciation and amortization		61,114			58,888			68,866
		General and administrative		16,634			14,623			15,679
		Loss (income) from real estate related fund investments		43			(3,550	)		59,341
		Loss from unconsolidated joint ventures		1,346			5,762			207,160
		NOI from unconsolidated joint ventures (excluding     One Steuart Lane)		5,602			10,381			7,026
		Interest and other income, net		(19,420	)		(2,925	)		(4,830	)
		Interest and debt expense		40,269			36,459			40,550
		Income tax expense		347			288			302
		Non-core assets (1)		-			(5,076	)		(2,380	)
		Other, net		73			306			54
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(22,908	)		(22,712	)		(22,397	)
	PGRE's share of NOI (2)		$	93,583		$	96,201		$	90,153
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of     unconsolidated joint ventures)		(3,387	)		(7,691	)		(4,476	)
		Amortization of above and below-market leases, net     (including our share of unconsolidated joint ventures)		(1,658	)		(1,838	)		(1,912	)
		Non-core assets (1)		-			261			802
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		439			2,867			1,660
	PGRE's share of Cash NOI (2)		$	88,977		$	89,800		$	86,227

(1)Represents Market Center and 111 Sutter Street.

(2)See page 43 for our definition of this measure.

- 14 -

  NOI

(unaudited and in thousands)

			Three Months Ended March 31, 2024
			Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)		$	16,731		$	(1,278	)	$	12,989		$	5,020
	Adjustments to arrive at NOI:
		Fee income		(6,248	)		-			-			(6,248	)
		Depreciation and amortization		61,114			41,294			18,570			1,250
		General and administrative		16,634			-			-			16,634
		Loss from real estate related fund investments		43			-			-			43
		Loss (income) from unconsolidated joint ventures		1,346			1,686			302			(642	)
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		5,602			3,555			2,047			-
		Interest and other income, net		(19,420	)		(793	)		(386	)		(18,241	)
		Interest and debt expense		40,269			26,573			12,945			751
		Income tax expense		347			8			5			334
		Other, net		73			-			-			73
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(22,908	)		(2,676	)		(20,232	)		-
	PGRE's share of NOI (1) for the three months ended March 31, 2024			93,583			68,369			26,240			(1,026	)
	PGRE's share of NOI (1) for the three months ended March 31, 2023		$	96,201		$	68,445		$	28,888		$	(1,132	)
	PGRE's share of NOI for the three months ended March 31, 2024		$	93,583		$	68,369		$	26,240		$	(1,026	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(3,387	)		(3,909	)		416			106
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(1,658	)		(615	)		(1,043	)		-
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		439			(112	)		551			-
	PGRE's share of Cash NOI (1) for the three months ended March 31, 2024			88,977			63,733			26,164			(920	)
	PGRE's share of Cash NOI (1) for the three months ended March 31, 2023		$	89,800		$	64,946		$	25,664		$	(810	)

(1)See page 43 for our definition of this measure.

- 15 -

  SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Three Months Ended March 31, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended March 31, 2024		$	88,977		$	63,733		$	26,164		$	(920	)
		Non-same store adjustments:
		Lease termination income		(944	)		(944	)		-			-
		Other, net		1,198			278			-			920
	PGRE's share of Same Store Cash NOI for the three months ended
		March 31, 2024	$	89,231		$	63,067		$	26,164		$	-
			Three Months Ended March 31, 2023
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended March 31, 2023		$	89,800		$	64,946		$	25,664		$	(810	)
		Non-same store adjustments:
		Other, net		815			5			-			810
	PGRE's share of Same Store Cash NOI for the three months ended
		March 31, 2023	$	90,615		$	64,951		$	25,664		$	-
	% (Decrease) increase			(1.5	%)		(2.9	%)		1.9	%

(1)See page 43 for our definition of this measure.

- 16 -

  SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Three Months Ended March 31, 2024
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended March 31, 2024		$	93,583		$	68,369		$	26,240		$	(1,026	)
		Non-same store adjustments:
		Lease termination income		(944	)		(944	)		-			-
		Other, net		1,304			278			-			1,026
	PGRE's share of Same Store NOI for the three months ended
		March 31, 2024	$	93,943		$	67,703		$	26,240		$	-
			Three Months Ended March 31, 2023
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended March 31, 2023		$	96,201		$	68,445		$	28,888		$	(1,132	)
		Non-same store adjustments:
		Other, net		1,137			5			-			1,132
	PGRE's share of Same Store NOI for the three months ended
		March 31, 2023	$	97,338		$	68,450		$	28,888		$	-
	% Decrease			(3.5	%)		(1.1	%)		(9.2	%)

(1)See page 43 for our definition of this measure.

- 17 -

  CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2024
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,262,604	$	1,663,301	$	1,133,613	$	465,690
	Cash and cash equivalents		87,837		59,820		11,766		16,251
	Restricted cash		69,691		78		69,613		-
	Accounts and other receivables		8,959		4,001		4,395		563
	Deferred rent receivable		206,702		98,075		83,464		25,163
	Deferred charges, net		43,407		21,168		14,373		7,866
	Intangible assets, net		35,320		29,940		4,727		653
	Other assets		18,210		11,906		6,239		65
Total Assets		$	3,732,730	$	1,888,289	$	1,328,190	$	516,251
Liabilities:
	Notes and mortgages payable, net	$	2,316,101	$	1,244,357	$	840,166	$	231,578
	Accounts payable and accrued expenses		53,277		12,531		28,520		12,226
	Intangible liabilities, net		15,991		11,391		4,326		274
	Other liabilities		4,793		135		4,641		17
Total Liabilities			2,390,162		1,268,414		877,653		244,095
Equity:
	Paramount Group, Inc. equity		862,026		557,425		220,832		83,769
	Noncontrolling interests		480,542		62,450		229,705		188,387
Total Equity			1,342,568		619,875		450,537		272,156
Total Liabilities and Equity		$	3,732,730	$	1,888,289	$	1,328,190	$	516,251

- 18 -

  CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 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	$	3,284,532	$	1,675,890	$	1,141,827	$	466,815
	Cash and cash equivalents		145,320		59,111		74,276		11,933
	Restricted cash		1,319		78		1,241		-
	Accounts and other receivables		9,871		3,814		5,323		734
	Deferred rent receivable		207,938		99,426		84,395		24,117
	Deferred charges, net		45,190		21,915		15,093		8,182
	Intangible assets, net		38,209		32,044		5,407		758
	Other assets		7,365		850		6,015		500
Total Assets		$	3,739,744	$	1,893,128	$	1,333,577	$	513,039
Liabilities:
	Notes and mortgages payable, net	$	2,450,401	$	1,244,109	$	974,764	$	231,528
	Accounts payable and accrued expenses		48,862		9,825		28,260		10,777
	Intangible liabilities, net		17,180		11,903		4,959		318
	Other liabilities		4,833		156		4,631		46
Total Liabilities			2,521,276		1,265,993		1,012,614		242,669
Equity:
	Paramount Group, Inc. equity		804,543		563,957		157,341		83,245
	Noncontrolling interests		413,925		63,178		163,622		187,125
Total Equity			1,218,468		627,135		320,963		270,370
Total Liabilities and Equity		$	3,739,744	$	1,893,128	$	1,333,577	$	513,039

- 19 -

  CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	102,637		$	48,806		$	40,756		$	13,075
Total operating expenses			34,473			18,618			11,939			3,916
Net operating income (1)			68,164			30,188			28,817			9,159
Depreciation and amortization			(31,508	)		(16,738	)		(10,804	)		(3,966	)
Interest and other income, net			888			502			274			112
Interest and debt expense			(22,646	)		(9,701	)		(10,283	)		(2,662	)
Income before income taxes			14,898			4,251			8,004			2,643
Income tax expense			(11	)		(8	)		(2	)		(1	)
Net income		$	14,887		$	4,243		$	8,002		$	2,642
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,562		$	3,820		$	3,921		$	821
	Management fee income		1,119			341			218			560
	PGRE's share of net income		9,681			4,161			4,139			1,381
	Real estate depreciation and amortization		21,591			15,064			5,294			1,233
	FFO/Core FFO (1)	$	31,272		$	19,225		$	9,433		$	2,614
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,325		$	423		$	4,081		$	1,821
	Management fee expense		(1,119	)		(341	)		(218	)		(560	)
	Net income attributable to noncontrolling interests		5,206			82			3,863			1,261
	Real estate depreciation and amortization		9,917			1,674			5,510			2,733
	FFO/Core FFO (1)	$	15,123		$	1,756		$	9,373		$	3,994

(1)See page 43 for our definition of these measures.

- 20 -

  CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	101,949		$	49,142		$	39,972		$	12,835
Total operating expenses			33,938			18,852			11,291			3,795
Net operating income (1)			68,011			30,290			28,681			9,040
Depreciation and amortization			(28,733	)		(14,181	)		(10,660	)		(3,892	)
Interest and other income, net			846			412			223			211
Interest and debt expense			(22,181	)		(9,599	)		(10,091	)		(2,491	)
Income before income taxes			17,943			6,922			8,153			2,868
Income tax expense			(21	)		-			(1	)		(20	)
Net income		$	17,922		$	6,922		$	8,152		$	2,848
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	11,105		$	6,228		$	3,994		$	883
	Management fee income		1,176			407			193			576
	PGRE's share of net income		12,281			6,635			4,187			1,459
	Real estate depreciation and amortization		19,199			12,764			5,224			1,211
	FFO/Core FFO (1)	$	31,480		$	19,399		$	9,411		$	2,670
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,817		$	694		$	4,158		$	1,965
	Management fee expense		(1,176	)		(407	)		(193	)		(576	)
	Net income attributable to noncontrolling interests		5,641			287			3,965			1,389
	Real estate depreciation and amortization		9,534			1,417			5,436			2,681
	FFO/Core FFO (1)	$	15,175		$	1,704		$	9,401		$	4,070

(1)See page 43 for our definition of these measures.

- 21 -

  UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2024
															Non-Core Assets
				712 Fifth			55 Second		60 Wall		One Steuart				Market			111 Sutter
		Total		Avenue			Street		Street (1)		Lane		Other (2)		Center			Street
PGRE Ownership				50.0%			44.1%		5.0%		35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,556,686	$	217,921		$	227,988	$	553,103	$	50	$	146,180	$	270,752		$	140,692
	Cash and cash equivalents		98,449		22,749			24,722		19,330		22,111		3,152		3,293			3,092
	Restricted cash		102,124		5,968			-		80,600		49		-		14,810			697
	Accounts and other receivables		6,955		5,171			598		261		123		36		424			342
	Deferred rent receivable		36,192		19,864			4,316		-		-		3,509		5,497			3,006
	Deferred charges, net		14,326		8,841			1,812		-		-		-		2,739			934
	Intangible assets, net		49,194		-			5,146		-		-		37,766		4,998			1,284
	For-sale residential condominium units		237,864		-			-		-		237,864		-		-			-
	Other assets		23,209		2,803			57		7,794		134		2,083		10,268			70
Total Assets		$	2,124,999	$	283,317		$	264,639	$	661,088	$	260,331	$	192,726	$	312,781		$	150,117
Liabilities:
	Notes and mortgages payable, net	$	1,744,978	$	298,699		$	187,108	$	573,563	$	-	$	107,687	$	413,609		$	164,312
	Accounts payable and accrued expenses		48,696		7,297			6,885		12,964		2,976		2,861		11,235			4,478
	Intangible liabilities, net		3,911		-			3,075		-		-		-		358			478
	Other liabilities		74,172		170			170		70,166		12		1,486		1,929			239
Total Liabilities			1,871,757		306,166			197,238		656,693		2,988		112,034		427,131			169,507
Total Equity			253,242		(22,849	)		67,401		4,395		257,343		80,692		(114,350	)		(19,390	)
Total Liabilities and Equity		$	2,124,999	$	283,317		$	264,639	$	661,088	$	260,331	$	192,726	$	312,781		$	150,117

(1)This property has been taken “out-of-service” for redevelopment.

(2)Represents 1600 Broadway and Oder-Center, Germany.

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

- 22 -

  UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2023
																Non-Core Assets
				712 Fifth			55 Second		60 Wall			One Steuart				Market			111 Sutter
		Total		Avenue			Street		Street (1)			Lane		Other (2)		Center			Street
PGRE Ownership				50.0%			44.1%		5.0%			35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,528,595	$	219,297		$	230,516	$	517,147		$	50	$	147,046	$	272,113		$	142,426
	Cash and cash equivalents		67,499		24,516			21,318		794			10,822		2,709		5,300			2,040
	Restricted cash		99,856		5,480			-		80,600			49		-		12,286			1,441
	Accounts and other receivables		8,601		4,960			585		150			123		20		1,539			1,224
	Deferred rent receivable		35,448		18,844			4,242		-			-		3,130		6,145			3,087
	Deferred charges, net		13,643		8,989			1,120		-			-		-		2,540			994
	Intangible assets, net		52,164		-			6,283		-			-		38,548		5,809			1,524
	For-sale residential condominium units		246,824		-			-		-			246,824		-		-			-
	Other assets		26,487		227			269		11,538			130		1,097		13,032			194
Total Assets		$	2,079,117	$	282,313		$	264,333	$	610,229		$	257,998	$	192,550	$	318,764		$	152,930
Liabilities:
	Notes and mortgages payable, net	$	1,744,706	$	298,596		$	187,068	$	575,000		$	-	$	107,764	$	412,996		$	163,282
	Accounts payable and accrued expenses		92,770		7,542			5,025		62,148			2,663		1,266		9,830			4,296
	Intangible liabilities, net		5,026		-			3,919		-			-		-		462			645
	Other liabilities		5,692		178			208		1,408			25		663		2,967			243
Total Liabilities			1,848,194		306,316			196,220		638,556			2,688		109,693		426,255			168,466
Total Equity			230,923		(24,003	)		68,113		(28,327	)		255,310		82,857		(107,491	)		(15,536	)
Total Liabilities and Equity		$	2,079,117	$	282,313		$	264,333	$	610,229		$	257,998	$	192,550	$	318,764		$	152,930

(1)This property has been taken “out-of-service” for redevelopment.

(2)Represents 1600 Broadway and Oder-Center, Germany.

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

- 23 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2024
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market			111 Sutter
		Total			Avenue			Street			Street (1)			Lane				Other (2)			Center			Street
Total revenues		$	50,934		$	12,782		$	7,995		$	-		$	14,066		(3)	$	3,875		$	8,609		$	3,607
Total operating expenses			32,439			6,024			3,387			18			12,184		(3)		1,928			6,603			2,295
Net operating income (loss) (4)			18,495			6,758			4,608			(18	)		1,882				1,947			2,006			1,312
Depreciation and amortization			(13,162	)		(3,106	)		(3,694	)		-			-				(1,075	)		(3,234	)		(2,053	)
Interest and other income (loss), net			626			176			237			(2	)		154				12			45			4
Interest and debt expense			(17,589	)		(2,673	)		(1,857	)		(5,255	)		-				(1,078	)		(3,612	)		(3,114	)
(Loss) income before income taxes			(11,630	)		1,155			(706	)		(5,275	)		2,036				(194	)		(4,795	)		(3,851	)
Income tax expense			(16	)		-			(6	)		(2	)		(2	)			(1	)		(2	)		(3	)
Net (loss) income		$	(11,646	)	$	1,155		$	(712	)	$	(5,277	)	$	2,034			$	(195	)	$	(4,797	)	$	(3,854	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(4,401	)	$	577		$	(300	)	$	(263	)	$	712			$	(21	)	$	(3,217	)	$	(1,889	)
	Step-up basis adjustment		(50	)		-			(2	)		-			(21	)			(27	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		3,105			(577	)		-			(1,424	)		-				-			3,217			1,889
	PGRE's share of net (loss) income		(1,346	)		-			(302	)		(1,687	)		691				(48	)		-			-
	Real estate depreciation and amortization		3,310			1,553			1,631			-			-				126			-			-
	FFO (4)		1,964			1,553			1,329			(1,687	)		691				78			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		2,001			577			-			1,424			-				-			-			-
	FFO attributable to One Steuart Lane		(691	)		-			-			-			(691	)			-			-			-
	Other non-core items		263			-			-			263			-				-			-			-
	Core FFO (4)	$	3,537		$	2,130		$	1,329		$	-		$	-			$	78		$	-		$	-

(1)This property has been taken “out-of-service” for redevelopment.

(2)Represents 1600 Broadway and Oder-Center, Germany.

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

(4)See page 43 for our definition of this measure.

- 24 -

  UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2023
																				Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart						Market			111 Sutter
		Total			Avenue			Street			Street (1)			Lane			Other (2)			Center			Street
Total revenues		$	41,978		$	12,219		$	7,864		$	-		$	-		$	4,603		$	14,085		$	3,207
Total operating expenses			24,701			5,829			3,476			104			3,163			2,721			7,326			2,082
Net operating income (loss) (3)			17,277			6,390			4,388			(104	)		(3,163	)		1,882			6,759			1,125
Depreciation and amortization			(17,765	)		(2,790	)		(4,115	)		-			(19	)		(972	)		(7,565	)		(2,304	)
Interest and other income (loss), net			709			255			125			(2	)		(1	)		(4	)		317			19
Interest and debt expense			(15,446	)		(2,645	)		(1,857	)		-			(3,718	)		(991	)		(3,465	)		(2,770	)
(Loss) income before income taxes			(15,225	)		1,210			(1,459	)		(106	)		(6,901	)		(85	)		(3,954	)		(3,930	)
Income tax expense			(11	)		-			(5	)		-			(2	)		-			(2	)		(2	)
Net (loss) income		$	(15,236	)	$	1,210		$	(1,464	)	$	(106	)	$	(6,903	)	$	(85	)	$	(3,956	)	$	(3,932	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%			Various			67.0%			49.0%
	Net (loss) income	$	(7,044	)	$	605		$	(637	)	$	(5	)	$	(2,416	)	$	(9	)	$	(2,655	)	$	(1,927	)
	Step-up basis adjustment		(40	)		-			(2	)		(12	)		-			(26	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		1,322			(605	)		-			-			-			-			-			1,927
	PGRE's share of net loss		(5,762	)		-			(639	)		(17	)		(2,416	)		(35	)		(2,655	)		-
	Real estate depreciation and amortization		9,543			1,395			1,816			12			7			115			5,069			1,129
	FFO (3)		3,781			1,395			1,177			(5	)		(2,409	)		80			2,414			1,129
	Adjustments to equity in earnings of    unconsolidated joint ventures		(1,322	)		605			-			-			-			-			-			(1,927	)
	FFO attributable to One Steuart Lane		2,409			-			-			-			2,409			-			-			-
	Adjustments for non-core assets		(1,616	)		-			-			-			-			-			(2,414	)		798
	Core FFO (3)	$	3,252		$	2,000		$	1,177		$	(5	)	$	-		$	80		$	-		$	-

(1)This property has been taken “out-of-service” for redevelopment.

(2)Represents 1600 Broadway and Oder-Center, Germany.

(3)See page 43 for our definition of this measure.

- 25 -

  REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2024							As of March 31, 2024
		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	$	21,052	$	488	$	20,564		$	15,122
	Accounts and other receivables		134		-		134			-
	Real estate related fund investments (2)		-		-		-			338,770
	Investments in unconsolidated joint ventures		90,640		-		90,640	(3)		-
	Other assets		16		16		-			355
Total Assets		$	111,842	$	504	$	111,338		$	354,247
Liabilities:
	Accounts payable and accrued expenses	$	97	$	63	$	34		$	110
	Other liabilities		22		14		8			1
Total Liabilities			119		77		42			111
Equity:
	Paramount Group, Inc. equity		7,837		55		7,782			4,603
	Joint Venture Partners' equity		103,886		372		103,514			349,533
Total Equity			111,723		427		111,296			354,136
Total Liabilities and Equity		$	111,842	$	504	$	111,338		$	354,247

(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.

- 26 -

  REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2023							As of December 31, 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	$	29,715	$	9,353	$	20,362		$	14,274
	Accounts and other receivables		134		-		134			-
	Real estate related fund investments (2)		775		775		-			335,353
	Investments in unconsolidated joint ventures		89,949		-		89,949	(3)		-
	Other assets		9		9		-			459
Total Assets		$	120,582	$	10,137	$	110,445		$	350,086
Liabilities:
	Accounts payable and accrued expenses	$	90	$	55	$	35		$	88
	Other liabilities		1,019		1,014		5			1
Total Liabilities			1,109		1,069		40			89
Equity:
	Paramount Group, Inc. equity		8,884		1,181		7,703			4,549
	Joint Venture Partners' equity		110,589		7,887		102,702			345,448
Total Equity			119,473		9,068		110,405			349,997
Total Liabilities and Equity		$	120,582	$	10,137	$	110,445		$	350,086

(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.

- 27 -

  REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)

											Three Months Ended
		Three Months Ended March 31, 2024									March 31, 2024
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	732		$	732		$	-		$	6,519
Net unrealized (losses) gains			(775	)		(775	)		-			1,619
(Loss) income from real estate related fund investments			(43	)		(43	)		-			8,138
Income from unconsolidated joint ventures			691			-			691			-
Interest and other income, net			200			-			200			-
Net income (loss)		$	848		$	(43	)	$	891		$	8,138
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net income / FFO	$	86		$	7		$	79		$	105
	FFO attributable to One Steuart Lane		(51	)		-			(51	)		-
	Realized and unrealized gains and losses from real estate     related fund investments		101			101			-			(21	)
	Core FFO (2)	$	136		$	108		$	28		$	84
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net income (loss) / FFO	$	762		$	(50	)	$	812
	FFO attributable to One Steuart Lane		(640	)		-			(640	)
	Realized and unrealized gains and losses from real estate     related fund investments		674			674			-
	Core FFO (2)	$	796		$	624		$	172

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

(2)See page 43 for our definition of this measure.

- 28 -

  REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)

											Three Months Ended
		Three Months Ended March 31, 2023									March 31, 2023
		Consolidated Funds
		Total						Residential			Total
		Consolidated Fund			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	4,661		$	4,661		$	-		$	3,574
Net unrealized losses			(1,111	)		(1,111	)		-			(17,402	)
Income (loss) from real estate related fund investments			3,550			3,550			-			(13,828	)
Loss from unconsolidated joint ventures			(2,416	)		-			(2,416	)		-
Interest and other income, net			163			-			163			-
Income (loss) before income taxes			1,297			3,550			(2,253	)		(13,828	)
Income tax expense			(1	)		-			(1	)		-
Net income (loss)		$	1,296		$	3,550		$	(2,254	)	$	(13,828	)
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net income (loss)	$	202		$	462		$	(260	)	$	(178	)
	Management fee income		271			271			-			-
	PGRE's share of net income (loss)		473			733			(260	)		(178	)
	Real estate depreciation and amortization		-			-			-			-
	FFO (2)		473			733			(260	)		(178	)
	FFO attributable to One Steuart Lane		179			-			179			-
	Realized and unrealized gains and losses from real estate     related fund investments		144			144			-			224
	Core FFO (2)	$	796		$	877		$	(81	)	$	46
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net income (loss)	$	1,094		$	3,088		$	(1,994	)
	Management fee expense		(271	)		(271	)		-
	Net income (loss) attributable to joint venture partners		823			2,817			(1,994	)
	Real estate depreciation and amortization		7			-			7
	FFO (2)		830			2,817			(1,987	)
	FFO attributable to One Steuart Lane		2,230			-			2,230
	Realized and unrealized gains and losses from real estate     related fund investments		967			967			-
	Core FFO (2)	$	4,027		$	3,784		$	243

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

(2)See page 43 for our definition of this measure.

- 29 -

  CAPITAL STRUCTURE

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

				As of March 31, 2024
Debt (1):				At 100%		At PGRE's Share (2)			Excluding Non-Core Debt
	Notes and mortgages payable (secured debt):
	Consolidated debt			$	3,692,050	$	2,973,680		$	2,973,680
	Unconsolidated joint ventures debt				1,171,822		271,568			271,568
	Non-core unconsolidated joint ventures debt				578,641		358,113			-
	Revolving Credit Facility (unsecured debt)				-		-			-
	Total debt			$	5,442,513		3,603,361	(A)		3,245,248	(A)
		Shares / Units		Share Price as of
Equity:		Outstanding		March 31, 2024
	Common stock		217,329,254	$	4.69		1,019,274			1,019,274
	Operating Partnership units		20,035,314		4.69		93,966			93,966
	Total equity		237,364,568		4.69		1,113,240			1,113,240
Total Market Capitalization						$	4,716,601		$	4,358,488
PGRE's share of cash and cash equivalents and restricted cash (2)						$	412,452	(B)	$	398,466	(B)
PGRE's share of net debt (2)(A - B)						$	3,190,909		$	2,846,782
PGRE's share of Net Debt to Annualized Adjusted EBITDAre (2)						9.2x			8.2x

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

(2)See page 43 for our definition of this measure.

- 30 -

  DEBT ANALYSIS

(unaudited)

 

Revolving Credit Facility Covenants: (1)		Required	Actual	PGRE's Share of Total Debt (2) Composition
	Total Debt / Total Assets	Less than 60%	46.2%				Weighted Average
	Secured Debt / Total Assets	Less than 50%	46.2%				Interest Rate	Years to Maturity
	Fixed Charge Coverage	Greater than 1.5x	2.79x		Secured vs. Unsecured Debt:
	Unsecured Debt / Unencumbered Assets	Less than 60%	0.0%			Secured Debt	3.92%	3.3
	Unencumbered Interest Coverage	Greater than 1.75x	38.02x			Unsecured Debt	-	-
						Total	3.92%	3.3
					Fixed vs. Floating Rate Debt:
						Fixed Rate Debt	3.31%	3.5
						Floating Rate Debt	8.01%	2.0
						Total	3.92%	3.3

(1)This section presents ratios as of March 31, 2024 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.

(2)See page 43 for our definition of this measure.

- 31 -

  DEBT MATURITIES

(unaudited and in thousands)

Notes and mortgages payable (secured)		Paramount			PGRE's Share of Debt
Consolidated Debt:		Ownership			2024			2025			2026			2027			2028			Thereafter			Total			Rate
	31 West 52nd Street ($500,000)		100.0	%	$	-		$	-		$	500,000		$	-		$	-		$	-		$	500,000			3.80	%
	1301 Avenue of the Americas ($860,000)		100.0	%		-			-			860,000			-			-			-			860,000			4.87	%	(1)
	300 Mission Street ($232,050)		31.1	%		-			-			72,168			-			-			-			72,168			4.50	%
	One Market Plaza ($850,000)		49.0	%		-			-			-			416,500			-			-			416,500			4.08	%
	1633 Broadway ($1,250,000)		90.0	%		-			-			-			-			-			1,125,012			1,125,012			2.99	%
Unconsolidated JV Debt:
	55 Second Street ($187,500)		44.1	%		-			-			82,669			-			-			-			82,669			3.88	%
	712 Fifth Avenue ($300,000)		50.0	%		-			-			-			150,000			-			-			150,000			3.39	%
	Oder-Center, Germany ($11,322)		9.5	%		-			-			-			-			1,076			-			1,076			5.52	%
	60 Wall Street ($575,000)		5.0	%		-			-			-			-			-			28,807			28,807			9.68	%	(2)
	1600 Broadway ($98,000)		9.2	%		-			-			-			-			-			9,016			9,016			3.45	%
Non-Core Unconsolidated JV Debt:
	111 Sutter Street ($164,316)		49.0	%		80,515			-			-			-			-			-			80,515			7.48	%	(3)
	Market Center ($414,325)		67.0	%		-			277,598			-			-			-			-			277,598			3.22	%	(4)
Revolving Credit Facility (unsecured)			100.0	%		-			-			-			-			-			-			-			-	%
PGRE's Share of Total Debt (5)					$	80,515		$	277,598		$	1,514,837		$	566,500		$	1,076		$	1,162,835		$	3,603,361
	Weighted average rate					7.48	%		3.22	%		4.44	%		3.90	%		5.52	%		3.16	%		3.92	%
	% of debt maturing					2.2	%		7.7	%		42.1	%		15.7	%		0.0	%		32.3	%		100.0	%
PGRE's Share of Total Debt Excluding Non-Core Assets					$	-		$	-		$	1,514,837		$	566,500		$	1,076		$	1,162,835		$	3,245,248
	Weighted average rate					-	%		-	%		4.44	%		3.90	%		5.52	%		3.16	%		3.89	%
	% of debt maturing					-	%		-	%		46.7	%		17.5	%		0.0	%		35.8	%		100.0	%

(1)Consists of (i) $500,000 of variable rate loans that have been fixed at 2.49% by interest rate swaps through August 2024 and (ii) $360,000 of variable rate loans that bear interest at SOFR plus 368 basis points, where SOFR has been capped at 4.50% through August 2024.

(2)Consists of (i) a $15,844 A-Note that bears interest at SOFR plus 245 basis points, of which 4.00% is current and the remaining interest will be accrued and (ii) a $12,963 B-Note that will accrue interest at a fixed rate of 12.00%.

(3)This loan bears interest at a variable rate of SOFR plus 215 basis points.

(4)Consists of (i) a $269,340 variable rate loan that has been fixed at 3.11% by an interest rate swap through December 2024 and (ii) an $8,258 variable rate loan that bears interest at SOFR plus 161 basis points.

(5)See page 43 for our definition of this measure.

- 32 -

  PORTFOLIO SUMMARY – TOTAL

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

								Annualized Rent (1)				Square Feet
		%			%					Per		In		Out-of-
		Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total
Same Store Portfolio
	Weighted average		88.6	%		87.3	%	$	821,306	$	92.36		10,318,970		-		10,318,970
	PGRE's share		89.1	%		87.5	%	$	630,287	$	88.54		8,287,620		-		8,287,620
Non-Same Store Portfolio (3)
	Weighted average		52.6	%		51.3	%	$	47,951	$	91.06		1,027,752		1,625,483		2,653,235
	PGRE's share		52.3	%		50.9	%	$	29,693	$	91.43		638,684		81,437		720,121
Total Portfolio
	Weighted average		85.3	%		84.1	%	$	869,257	$	92.28		11,346,722		1,625,483		12,972,205
	PGRE's share		86.5	%		84.9	%	$	659,980	$	88.67		8,926,304		81,437		9,007,741

	Leased % (1) (at PGRE's Share)
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Total Portfolio
New York		90.1	%		90.2	%		90.4	%		90.5	%		90.2	%
San Francisco		76.8	%		80.8	%		82.0	%		87.2	%		88.7	%
Weighted Average		86.5	%		87.7	%		88.1	%		89.6	%		89.8	%

(1)See page 43 for our definition of this measure.

(2)Represents office and retail space only.

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

- 33 -

  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	%		96.2	%		96.2	%	$	184,115	$	84.48		2,275,229		-		2,275,229	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		97.7	%		97.7	%		11,616		69.57		253,609		-		253,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		96.4	%		96.4	%		195,731		84.09		2,528,838		-		2,528,838
1301 Avenue of the Americas
	Office		100.0	%		85.9	%		81.8	%		117,592		85.56		1,698,218		-		1,698,218	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers
	Retail / Paramount Club		100.0	%		100.0	%		89.6	%		2,546		182.24		50,883		-		50,883	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		86.3	%		82.0	%		120,138		86.45		1,749,101		-		1,749,101
1325 Avenue of the Americas
	Office		100.0	%		96.8	%		89.8	%		48,507		68.43		809,383		-		809,383	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		96.7	%		96.7	%		1,478		95.79		15,498		-		15,498	La Grande Boucherie
			100.0	%		96.8	%		90.0	%		49,985		68.86		824,881		-		824,881
31 West 52nd Street
	Office		100.0	%		96.4	%		96.4	%		66,608		93.19		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	%		4,909		124.47		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		96.1	%		96.1	%		71,517		94.15		768,052		-		768,052
900 Third Avenue
	Office		100.0	%		68.6	%		68.6	%		28,216		71.80		575,592		-		575,592	Shiseido, Tannenbaum Helpern Syracuse & Hirschtritt,
																					Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,396		101.86		16,144		-		16,144	Bank of America
			100.0	%		69.0	%		69.0	%		29,612		72.77		591,736		-		591,736
712 Fifth Avenue
	Office		50.0	%		80.0	%		80.0	%		44,059		120.31		457,581		-		457,581	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		8,030		446.18		85,917		-		85,917	Harry Winston
			50.0	%		70.6	%		70.6	%		52,089		135.52		543,498		-		543,498
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,669		316.62		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
	New York:
	Weighted average					89.6	%		87.7	%	$	529,741	$	87.65		7,031,799		1,625,483		8,657,282
	PGRE's share					90.1	%		88.1	%	$	474,439	$	85.12		6,483,862		81,437		6,565,299

(1)See page 43 for our definition of this measure.

(2)Represents office and retail space only.

(3)This property has been taken “out-of-service” for redevelopment.

- 34 -

  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	%		92.5	%		92.5	%	$	161,477	$	112.56		1,555,717		-		1,555,717	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		63.4	%		63.4	%		4,604		77.42		53,874		-		53,874	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		91.5	%		91.5	%		166,081		111.80		1,609,591		-		1,609,591
300 Mission Street
	Office		31.1	%		80.9	%		80.9	%		48,281		98.85		606,193		-		606,193	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,339		75.38		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		51,620		96.94		655,365		-		655,365
One Front Street
	Office		100.0	%		79.1	%		79.1	%		45,058		90.30		631,661		-		631,661	JPMorgan Chase, Coinbase, JLL, Cigna
	Retail		100.0	%		89.0	%		89.0	%		1,168		97.75		13,137		-		13,137	JPMorgan Chase
			100.0	%		79.3	%		79.3	%		46,226		90.47		644,798		-		644,798
55 Second Street
	Office		44.1	%		85.4	%		85.4	%		26,729		84.75		369,935		-		369,935	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		909		110.63		7,482		-		7,482	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.7	%		85.7	%		27,638		85.35		377,417		-		377,417
Market Center (3)
	Office		67.0	%		51.4	%		49.7	%		34,278		92.88		744,533		-		744,533	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		0.6	%		0.6	%		154		-		5,940		-		5,940
			67.0	%		51.0	%		49.3	%		34,432		92.88		750,473		-		750,473
111 Sutter Street (3)
	Office		49.0	%		53.3	%		53.3	%		11,820		90.60		247,921		-		247,921	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,699		66.82		29,358		-		29,358	24 Hour Fitness
			49.0	%		56.8	%		56.8	%		13,519		86.73		277,279		-		277,279
	San Francisco:
	Weighted average					78.4	%		78.1	%	$	339,516	$	100.41		4,314,923		-		4,314,923
	PGRE's share					76.8	%		76.4	%	$	185,541	$	99.06		2,442,442		-		2,442,442

(1)See page 43 for our definition of this measure.

(2)Represents office and retail space only.

(3)These assets are being treated as non-core.

- 35 -

  TOP TENANTS AND INDUSTRY DIVERSIFICATION

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

							PGRE's Share of
				Total			Total			Annualized Rent (1)				% of
Top 10 Tenants:			Lease	Square Feet			Square Feet					Per Square		Annualized
As of March 31, 2024		Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase	One Front Street	Jun-2025		241,854			241,854		$	20,523	$	84.55		3.1	%
			Dec-2029		76,999			76,999			7,972		103.53		1.2	%
			Dec-2030		25,157			25,157			2,384		94.21		0.4	%
					344,010			344,010			30,879		89.50		4.7	%
	Clifford Chance	31 West 52nd Street	Jun-2024		328,543			328,543			29,872		90.91		4.5	%
	Allianz	1633 Broadway	Jan-2031		320,911			288,823			29,172		101.00		4.4	%
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,284		92.15		1.6	%
			Sep-2034		179,286			179,286			17,898		95.51		2.7	%
					290,875			290,875			28,182		94.22		4.3	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829			234,749			20,448		87.11		3.1	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250			259,428			18,690		71.08		2.8	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196			227,879			17,783		76.34		2.7	%
	Google	One Market Plaza	Apr-2025		339,833			166,518			16,645		99.53		2.5	%
	Kasowitz Benson Torres	1633 Broadway	May-2024		50,718			45,647			3,786		82.95		0.6	%
			Mar-2037		152,676			137,410			11,398		82.95		1.7	%
					203,394			183,057			15,184		82.95		2.3	%
	Wilson Sonsini	1301 Avenue of the Americas	Aug-2025		61,048			61,048			6,127		100.36		0.9	%
		One Market Plaza	Oct-2032		84,224			41,270			4,913		119.05		0.8	%
		31 West 52nd Street	Feb-2041		26,451	(3)		26,451	(3)		2,143		81.02		0.3	%
					171,723			128,769			13,183		102.38		2.0	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of March 31, 2024		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,928,504		25.5	%	$	172,618		26.1	%
	Technology and Media		1,462,345		19.3	%		124,308		18.8	%
	Financial Services, all others		1,124,217		14.8	%		108,006		16.4	%
	Financial Services - Commercial and Investment Banking		1,246,393		16.5	%		107,056		16.2	%
	Insurance		400,965		5.3	%		39,534		6.0	%
	Retail		160,746		2.1	%		18,421		2.8	%
	Travel and Leisure		206,823		2.7	%		14,654		2.2	%
	Consumer Products		121,732		1.6	%		10,475		1.6	%
	Other Professional Services		111,420		1.5	%		10,272		1.6	%
	Other		813,602		10.7	%		54,636		8.3	%

(1)See page 43 for our definition of this measure.

(2)Represents office and retail space only.

(3)Excludes 105,756 square feet of pre-leased space that is currently occupied by Clifford Chance.

- 36 -

  LEASING ACTIVITY (1)

(unaudited)

	Total		New York		San Francisco
Three Months Ended March 31, 2024
Total square feet leased	276,717 (2)			117,004	159,713 (2)
PGRE's share of total square feet leased:		170,522		109,520		61,002
Initial rent (3)	$ 68.82		$ 69.27		$ 68.00
Weighted average lease term (in years)		7.9		11.4		1.8
Tenant improvements and leasing commissions:
Per square foot	$ 83.49		$ 127.03		$ 5.32
Per square foot per annum	$ 10.53		$ 11.17		$ 3.04
Percentage of initial rent	15.3%		16.1%		4.5%
Rent concessions:
Average free rent period (in months)		0.8		1.3	-
Average free rent period per annum (in months)		0.1		0.1	-
Second generation space: (3)
Square feet		94,975		33,973		61,002
Cash basis:
Initial rent (3)	$ 68.41		$ 69.15		$ 68.00
Prior escalated rent (3)	$ 71.32		$ 69.24		$ 72.48
Percentage decrease	(4.1%)		(0.1%)		(6.2%)
GAAP basis:
Straight-line rent	$ 66.59		$ 64.20		$ 67.91
Prior straight-line rent	$ 80.89 (4)		$ 64.50		$ 90.02 (4)
Percentage decrease	(17.7%) (4)		(0.5%)		(24.6%) (4)

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

(2)Includes 21,387 square feet that was leased at Market Center.

(3)See page 43 for our definition of this measure.

(4)The negative mark-to-market of 17.7% on a GAAP basis was driven primarily by a FAS 141 below-market lease adjustment that was included in the prior GAAP rent. Excluding the below-market lease adjustment from the prior GAAP rent, the mark-to-market on a GAAP basis would have been negative 2.2% for the total portfolio and negative 3.1% for San Francisco.

- 37 -

  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			8,899		6,189	$	797	$	-		0.1	%
	2Q 2024			354,123		329,134		29,853		90.79		4.5	%
	3Q 2024			134,685		114,729		10,697		93.30		1.6	%
	4Q 2024			136,117		118,533		8,922		75.29		1.3	%
	Total 2024			624,925		562,396		49,472		88.03		7.4	%
	1Q 2025			178,904		153,149		13,475		88.25		2.0	%
	Remaining 2025			1,252,436		874,949		81,579		93.16		12.2	%
	Total 2025			1,431,340		1,028,098		95,054		92.43		14.2	%
		2026		1,529,279		1,018,257		91,752		87.78		13.7	%
		2027		318,999		239,083		22,096		92.07		3.3	%
		2028		361,089		265,211		22,266		84.04		3.3	%
	Thereafter			5,407,793		4,597,628		387,829		87.66		58.0	%
Total portfolio excluding non-core assets (4):
			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month			6,831		4,987	$	716	$	-		0.1	%
	2Q 2024			307,868		298,249		27,076		90.78		4.2	%
	3Q 2024			128,355		110,488		10,296		93.25		1.6	%
	4Q 2024			106,974		101,403		7,307		72.08		1.1	%
	Total 2024			543,197		510,140		44,679		87.59		6.9	%
	1Q 2025			134,589		130,097		11,282		86.83		1.8	%
	Remaining 2025			1,226,388		857,497		80,125		93.37		12.5	%
	Total 2025			1,360,977		987,594		91,407		92.51		14.3	%
		2026		1,458,209		970,640		86,994		87.22		13.6	%
		2027		259,568		206,352		18,772		90.55		2.9	%
		2028		180,619		147,180		11,902		80.95		1.9	%
	Thereafter			5,332,346		4,556,154		384,455		87.72		60.3	%

(1)See page 43 for our definition of this measure.

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

(3)Represents office and retail space only.

(4)Non-core assets consist of Market Center and 111 Sutter Street.

- 38 -

  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	$	510	$	-		0.1	%
	2Q 2024			280,031		274,960		24,640		89.59		5.1	%
	3Q 2024			106,517		99,788		8,865		88.92		1.8	%
	4Q 2024			106,682		101,260		7,294		72.04		1.5	%
	Total 2024			493,230		476,008		40,799		85.71		8.4	%
	1Q 2025			43,791		41,496		3,100		74.71		0.6	%
	Remaining 2025			407,350		354,062		33,686		95.12		7.0	%
	Total 2025			451,141		395,558		36,786		92.97		7.6	%
		2026		682,621		617,728		50,951		78.58		10.5	%
		2027		180,044		161,692		14,081		86.54		2.9	%
		2028		118,584		98,024		7,536		76.71		1.6	%
	Thereafter			4,372,427		4,090,234		333,245		85.01		68.9	%

(1)See page 43 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.

- 39 -

  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			6,303		3,768	$	287	$	-		0.2	%
	2Q 2024			74,092		54,174		5,213		97.00		2.8	%
	3Q 2024			28,168		14,941		1,832		122.42		1.0	%
	4Q 2024			29,435		17,273		1,628		94.41		0.9	%
	Total 2024			131,695		86,388		8,673		100.92		4.7	%
	1Q 2025			135,113		111,653		10,375		93.31		5.6	%
	Remaining 2025			845,086		520,887		47,893		91.82		25.8	%
	Total 2025			980,199		632,540		58,268		92.09		31.4	%
		2026		846,658		400,529		40,801		101.83		22.0	%
		2027		138,955		77,391		8,015		103.42		4.3	%
		2028		242,505		167,187		14,730		88.35		8.0	%
	Thereafter			1,035,366		507,394		54,584		107.66		29.4	%
San Francisco excluding non-core assets (4):
			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month			4,235		2,566	$	206	$	-		0.1	%
	2Q 2024			27,837		23,289		2,436		105.16		1.6	%
	3Q 2024			21,838		10,700		1,431		133.43		0.9	%
	4Q 2024			292		143		13		117.49		-
	Total 2024			49,967		34,132		3,880		114.18		2.5	%
	1Q 2025			90,798		88,601		8,182		92.52		5.3	%
	Remaining 2025			819,038		503,435		46,439		92.14		29.9	%
	Total 2025			909,836		592,036		54,621		92.19		35.2	%
		2026		775,588		352,912		36,043		102.20		23.3	%
		2027		79,524		44,660		4,691		104.85		3.0	%
		2028		62,035		49,156		4,366		89.50		2.9	%
	Thereafter			959,919		465,920		51,210		110.02		33.0	%

(1)See page 43 for our definition of this measure.

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

(3)Represents office and retail space only.

(4)Non-core assets consist of Market Center and 111 Sutter Street.

- 40 -

  CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Three Months Ended March 31, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	10,944		$	8,441		$	2,478		$	25
Second generation tenant improvements		24,621			19,267			5,354			-
Second generation leasing commissions		749			743			6			-
Total Capital Expenditures		36,314			28,451			7,838			25
Amounts attributable to noncontrolling interests in consolidated joint ventures		(4,463	)		(190	)		(4,273	)		-
PGRE's share of Total Capital Expenditures	$	31,851		$	28,261		$	3,565		$	25
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	4,208		$	4,208		$	-		$	-
Other		37			37			-			-
Total Redevelopment Expenditures		4,245			4,245			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	4,245		$	4,245		$	-		$	-
	Three Months Ended March 31, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	5,662		$	3,504		$	1,653		$	505
Second generation tenant improvements		10,828			2,763			8,065			-
Second generation leasing commissions		1,710			556			1,154			-
Total Capital Expenditures		18,200			6,823			10,872			505
Amounts attributable to noncontrolling interests in consolidated joint ventures		(5,433	)		(220	)		(5,213	)		-
PGRE's share of Total Capital Expenditures	$	12,767		$	6,603		$	5,659		$	505
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	2,655		$	2,655		$	-		$	-
Other		463			463			-			-
Total Redevelopment Expenditures		3,118			3,118			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	3,118		$	3,118		$	-		$	-

(1)Excludes Market Center and 111 Sutter Street.

(2)See page 43 for our definition of this measure.

- 41 -

  RESEARCH COVERAGE (1)

(1)

Camille Bonnel	Thomas Catherwood	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Evercore ISI
(416) 369-2140	(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.

- 42 -

  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. In the first quarter of 2024, we updated our presentation of Core FFO attributable to common stockholders, FAD attributable to common stockholders, Adjusted EBITDAre, NOI and Cash NOI to exclude the impact of Market Center and 111 Sutter Street, which we have designated as non-core assets. Accordingly, we have recast the presentation for all prior periods presented to reflect this change.

Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. We present FFO attributable to common stockholders which represents the Company’s share of FFO, net of amounts attributable to noncontrolling interests.

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

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

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.

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  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.

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

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

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

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

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

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

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

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

Second Generation Space represents space leased in the current period (i) 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.

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