8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 30, 2024

Paramount Group, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland	001-36746	32-0439307
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1633 Broadway New York, New York			10019
(Address of Principal Executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 237-3100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class	Trading Symbol	Name of each exchange on which registered
Common stock of Paramount Group, Inc., $0.01 par value per share	PGRE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 30, 2024, Paramount Group, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of that press release as well as the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

The Company will host a conference call and audio webcast on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time (ET), during which management will discuss the third quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on October 31, 2024 through November 7, 2024 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13749077.

A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.pgre.com. A replay of the webcast will be archived on the Company’s website.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number		Description
	99.1	Press release dated October 30, 2024 and entitled “Paramount Announces Third Quarter 2024 Results”
	99.2	Supplemental information entitled “Paramount Group, Inc. Supplemental Operating and Financial Data for the Quarter Ended September 30, 2024”
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PARAMOUNT GROUP, INC.
Date: October 30, 2024	By:	/s/ Wilbur Paes
	Name:	Wilbur Paes
	Title	Chief Operating Officer, Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

Paramount Announces Third Quarter 2024 Results

– Raises Guidance for Full Year 2024 –

NEW YORK – October 30, 2024 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 today and reported results for the third quarter ended September 30, 2024.

Third Quarter Highlights:

Results of Operations:

•Reported net loss attributable to common stockholders of $9.7 million, or $0.04 per diluted share, for the quarter ended September 30, 2024, compared to $8.4 million, or $0.04 per diluted share, for the quarter ended September 30, 2023.

•Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $40.5 million, or $0.19 per diluted share, for the quarter ended September 30, 2024, compared to $47.6 million, or $0.22 per diluted share, for the quarter ended September 30, 2023.

•Raised its full year 2024 Earnings Guidance as follows:

oEstimated net loss attributable to common stockholders is expected to be between $0.09 and $0.07 per diluted share, compared to its prior estimate of $0.11 and $0.07 per diluted share, an increase in net income of $0.01 per diluted share at the midpoint from the Company’s prior estimate.

oEstimated Core FFO attributable to common stockholders is expected to be between $0.78 and $0.80 per diluted share, compared to its prior estimate of $0.76 and $0.80 per diluted share, an increase of $0.01 per diluted share at the midpoint from the Company’s prior guidance.

•Reported a 1.8% increase in Same Store Net Operating Income (“NOI”) and a 2.9% decrease in Same Store Cash NOI in the quarter ended September 30, 2024, compared to the same period in the prior year.

•Leased 179,403 square feet, of which the Company’s share was 115,026 square feet that was leased at a weighted average initial rent of $84.55 per square foot. Of the 179,403 square feet leased, 96,320 square feet represented the Company’s share of second generation space(1), for which mark-to-markets were negative 4.2% on a GAAP basis and negative 10.4% on a cash basis.

____________________________________________

(1) 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.

Financial Results

Quarter Ended September 30, 2024

Net loss attributable to common stockholders was $9.7 million, or $0.04 per diluted share, for the quarter ended September 30, 2024, compared to $8.4 million, or $0.04 per diluted share, for the quarter ended September 30, 2023.

Funds from Operations (“FFO”) attributable to common stockholders was $40.1 million, or $0.18 per diluted share, for the quarter ended September 30, 2024, compared to $46.7 million, or $0.21 per diluted share, for the quarter ended September 30, 2023. FFO attributable to common stockholders for the quarters ended September 30, 2024 and 2023 includes the impact of non-core items, which are listed in the table on page 10. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarters ended September 30, 2024 and 2023 by $0.4 million and $0.9 million, respectively, or $0.01 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was $40.5 million, or $0.19 per diluted share, for the quarter ended September 30, 2024, compared to $47.6 million, or $0.22 per diluted share, for the quarter ended September 30, 2023.

Nine Months Ended September 30, 2024

Net loss attributable to common stockholders was $7.6 million, or $0.04 per diluted share, for the nine months ended September 30, 2024, compared to $54.2 million, or $0.25 per diluted share, for the nine months ended September 30, 2023. Net loss attributable to common stockholders for the nine months ended September 30, 2024 includes $14.1 million, or $0.07 per diluted share, of a non-cash gain on extinguishment of a tax liability related to the Company’s initial public offering. Net loss attributable to the common stockholders for the nine months ended September 30, 2023 includes (i) $23.1 million, or $0.11 per diluted share, for our share of a non-cash real estate impairment loss related to an unconsolidated joint venture, and (ii) non-cash straight-line rent receivable write-offs aggregating $13.0 million, or $0.06 per diluted share, related to the terminated SVB Securities lease at 1301 Avenue of the Americas and the surrendered JPMorgan Chase space at One Front Street.

FFO attributable to common stockholders was $142.6 million, or $0.66 per diluted share, for the nine months ended September 30, 2024, compared to $137.5 million, or $0.63 per diluted share, for the nine months ended September 30, 2023. FFO attributable to common stockholders for the nine months ended September 30, 2024 includes $14.1 million, or $0.07 per diluted share, of a non-cash gain on extinguishment of a tax liability related to the Company’s initial public offering. FFO attributable to common stockholders for the nine months ended September 30, 2023 includes non-cash straight-line rent receivable write-offs aggregating $13.0 million, or $0.06 per diluted share, related to the terminated SVB Securities lease at 1301 Avenue of the Americas and the surrendered JPMorgan Chase space at One Front Street. FFO attributable to common stockholders for the nine months ended September 30, 2024 and 2023 also includes the impact of other non-core items, which are listed in the table on page 10. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, increased FFO attributable to common stockholders for thenine months ended September 30, 2024 by $10.7 million, or $0.05 per diluted share, and decreased FFO attributable to common stockholders for the nine months ended September 30, 2023 by $1.9 million, or $0.01 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 10, was $131.9 million, or $0.61 per diluted share, for the nine months ended September 30, 2024, compared to $139.4 million, or $0.64 per diluted share, for the nine months ended September 30, 2023.

2

Portfolio Operations

Quarter Ended September 30, 2024

Same Store NOI increased by $1.6 million, or 1.8%, to $90.7 million for the quarter ended September 30, 2024 from $89.1 million for the quarter ended September 30, 2023. Same Store Cash NOI decreased by $2.6 million, or 2.9%, to $85.2 million for the quarter ended September 30, 2024 from $87.8 million for the quarter ended September 30, 2023.

During the quarter ended September 30, 2024, the Company leased 179,403 square feet, of which 133,091 square feet was leased in the Company’s same store portfolio. Of the 133,091 square feet leased, the Company’s share was 115,026 square feet that was leased at a weighted average initial rent of $84.55 per square foot. This leasing activity, offset by lease expirations in the quarter, decreased same store leased occupancy by 160 basis points to 84.7% at September 30, 2024 from 86.3% at June 30, 2024.

Of the 179,403 square feet leased in the third quarter, 96,320 square feet represented the Company’s share of second generation space for which mark-to-markets were negative 4.2% on a GAAP basis and negative 10.4% on a cash basis. The weighted average lease term for leases signed during the third quarter was 8.1 years and weighted average tenant improvements and leasing commissions on these leases were $9.03 per square foot per annum, or 10.7% of initial rent.

Nine Months Ended September 30, 2024

Same Store NOI decreased by $3.0 million, or 1.1%, to $275.5 million for the nine months ended September 30, 2024 from $278.5 million for the nine months ended September 30, 2023. Same Store Cash NOI decreased by $3.7 million, or 1.4%, to $261.5 million for the nine months ended September 30, 2024 from $265.2 million for the nine months ended September 30, 2023.

During the nine months ended September 30, 2024, the Company leased 654,625 square feet, of which 566,279 square feet was leased in the Company’s same store portfolio. Of the 566,279 square feet leased, the Company’s share was 444,140 square feet that was leased at a weighted average initial rent of $74.94 per square foot. This leasing activity, offset by lease expirations in the nine months,decreased same store leased occupancyby 540 basis pointsto 84.7% at September 30, 2024 from 90.1% at December 31, 2023. The decrease in same store leased occupancy was driven primarily by the scheduled expiration of Clifford Chance’s lease in June 2024 at 31 West 52nd Street in the Company’s New York portfolio.

Of the 654,625 square feet leased in the nine months, 290,157 square feet represented the Company’s share of second generation space for which mark-to-markets were negative 8.5% on a GAAP basis and negative 5.0% on a cash basis. The negative mark-to-market of 8.5% 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 3.4%. The weighted average lease term for leases signed during the nine months was 8.2 years and weighted average tenant improvements and leasing commissions on these leases were $11.02 per square foot per annum, or 14.7% of initial rent.

3

Guidance

The Company is raising its Estimated Core FFO Guidance for the full year of 2024, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between $0.09 and $0.07 per diluted share, compared to its prior estimate of $0.11 and $0.07 per diluted share, an increase in net income of $0.01 per diluted share at the midpoint from the Company’s prior estimate. The increase in net income of $0.01 per diluted share resulted primarily from better portfolio operations. 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.

Based on the Company’s performance for the nine months ended September 30, 2024 and its outlook for the remainder of 2024, the Company is raising its Estimated 2024 Core FFO to be between $0.78 and $0.80 per diluted share, compared to its prior estimate of $0.76 and $0.80 per diluted share. This represents an increase of $0.01 per diluted share at the midpoint from the Company’s prior guidance, resulting primarily from better portfolio operations.

	Full Year 2024
(Amounts per diluted share)	Low			High
Estimated net loss attributable to common stockholders	$	(0.09	)	$	(0.07	)
Pro rata share of real estate depreciation and amortization, including    the Company's share of unconsolidated joint ventures		0.92			0.92
Estimated FFO		0.83			0.85
Adjustments for non-core items (1)		(0.05	)		(0.05	)
Estimated Core FFO	$	0.78		$	0.80

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 this release and otherwise to be referenced during the conference call referred to on page 7. 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 the Company’s actual results will not differ materially from the estimates set forth above.

_________________________

(1) Represents non-core items for the nine months ended September 30, 2024, that are listed in the table on page 10. The Company is not making projections for non-core items that may impact its financial results for the remainder of 2024, 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.

4

Forward-Looking Statements

This press release 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 the Company’s 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 the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

5

Non-GAAP Financial Measures

FFO is a supplemental measure of our performance. We present FFO 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 accounting principles generally accepted in the United States of America (“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. In addition, we present Core FFO as 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.

FFO and Core FFO are presented as supplemental financial measures and do not fully represent our operating performance. Other REITs may use different methodologies for calculating FFO and Core FFO or use other definitions of FFO and Core FFO and, accordingly, our presentation of these measures may not be comparable to other real estate companies. Neither FFO nor Core FFO is intended to be a measure of cash flow or liquidity. Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations and cash flows.

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 include 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 the Company 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.

In the first quarter of 2024, we updated our presentation of NOI, Cash NOI and Core FFO attributable to common stockholders 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.

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended September 30, 2024, which is available on our website.

6

Investor Conference Call and Webcast

The Company will host a conference call and audio webcast on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time (ET), during which management will discuss the third quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on October 31, 2024 through November 7, 2024 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13749077.

A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.pgre.com. A replay of the webcast will be archived on the Company’s website.

About Paramount Group, Inc.

Headquartered in New York City, Paramount Group, Inc. 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 City 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.

Contact Information:

Wilbur Paes Chief Operating Officer, Chief Financial Officer and Treasurer 212-237-3122 ir@pgre.com Tom Hennessy Vice President, Investor Relations and Business Development 212-237-3138 ir@pgre.com

Media:

212-492-2285

pr@pgre.com

7

Paramount Group, Inc.

Consolidated Balance Sheets

(Unaudited and in thousands)

Assets:	September 30, 2024			December 31, 2023
Real estate, at cost:
Land	$	1,966,237		$	1,966,237
Buildings and improvements		6,290,976			6,250,379
		8,257,213			8,216,616
Accumulated depreciation and amortization		(1,596,069	)		(1,471,819	)
Real estate, net		6,661,144			6,744,797
Cash and cash equivalents		318,725			428,208
Restricted cash		173,510			81,391
Accounts and other receivables		18,662			18,053
Real estate related fund investments		-			775
Investments in unconsolidated real estate related funds		4,607			4,549
Investments in unconsolidated joint ventures		128,919			132,239
Deferred rent receivable		355,555			351,209
Deferred charges, net		103,858			108,751
Intangible assets, net		54,125			68,005
Other assets		71,847			68,238
Total assets	$	7,890,952		$	8,006,215
Liabilities:
Notes and mortgages payable, net	$	3,674,367		$	3,803,484
Revolving credit facility		-			-
Accounts payable and accrued expenses		114,808			114,463
Dividends and distributions payable		-			8,360
Intangible liabilities, net		22,465			28,003
Other liabilities		27,906			37,017
Total liabilities		3,839,546			3,991,327
Equity:
Paramount Group, Inc. equity		3,173,867			3,203,285
Noncontrolling interests in:
Consolidated joint ventures		492,135			413,925
Consolidated real estate related funds		92,759			110,589
Operating Partnership		292,645			287,089
Total equity		4,051,406			4,014,888
Total liabilities and equity	$	7,890,952		$	8,006,215

8

Paramount Group, Inc.

Consolidated Statements of Income

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

			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2024			2023			2024			2023
Revenues:
	Rental revenue		$	184,235		$	182,515		$	543,636		$	529,734
	Fee and other income			10,664			6,666			27,548			20,583
		Total revenues		194,899			189,181			571,184			550,317
Expenses:
	Operating			80,316			75,502			226,248			216,889
	Depreciation and amortization			60,071			60,263			182,920			181,778
	General and administrative			16,672			15,460			49,938			46,307
	Transaction related costs			242			132			843			323
		Total expenses		157,301			151,357			459,949			445,297
Other income (expense):
	(Loss) income from real estate related fund investments			(22	)		2,060			(92	)		(37,034	)
	Income (loss) from unconsolidated real estate related funds			109			(721	)		199			(867	)
	Loss from unconsolidated joint ventures			(981	)		(28,974	)		(3,098	)		(63,138	)
	Interest and other income, net			3,517			4,115			26,830			10,007
	Interest and debt expense			(43,805	)		(39,102	)		(124,078	)		(112,440	)
(Loss) income before income taxes				(3,584	)		(24,798	)		10,996			(98,452	)
	Income tax expense			(619	)		(263	)		(1,328	)		(1,124	)
Net (loss) income				(4,203	)		(25,061	)		9,668			(99,576	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures			(6,959	)		(4,887	)		(18,434	)		(15,879	)
	Consolidated real estate related funds			581			20,934			408			57,412
	Operating Partnership			893			629			716			3,849
Net loss attributable to common stockholders			$	(9,688	)	$	(8,385	)	$	(7,642	)	$	(54,194	)
Loss per Common Share:
	Basic		$	(0.04	)	$	(0.04	)	$	(0.04	)	$	(0.25	)
	Diluted		$	(0.04	)	$	(0.04	)	$	(0.04	)	$	(0.25	)
Weighted average common shares outstanding:
	Basic			217,314,706			217,043,022			217,208,809			216,871,778
	Diluted			217,314,706			217,043,022			217,208,809			216,871,778

9

Paramount Group, Inc.

Reconciliation of Net (Loss) Income to FFO and Core FFO

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

			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2024			2023			2024			2023
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(4,203	)	$	(25,061	)	$	9,668		$	(99,576	)
	Real estate depreciation and amortization (including our     share of unconsolidated joint ventures)			63,487			69,160			192,946			209,687
	Our share of a non-cash real estate impairment loss related to     an unconsolidated joint venture			-			-			-			24,734
	Amounts attributable to noncontrolling interests in     consolidated joint ventures and real estate related funds			(15,511	)		6,132			(46,981	)		12,533
	FFO attributable to the Operating Partnership			43,773			50,231			155,633			147,378
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,695	)		(3,510	)		(13,079	)		(9,861	)
	FFO attributable to common stockholders		$	40,078		$	46,721		$	142,554		$	137,517
		Per diluted share	$	0.18		$	0.21		$	0.66		$	0.63
	FFO attributable to the Operating Partnership		$	43,773		$	50,231		$	155,633		$	147,378
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related     tax liability		-			-			(15,437	)		-
		Non-core assets (1)		-			(259	)		-			(3,535	)
		Our share of realized and unrealized gains and losses from     consolidated and unconsolidated real estate related funds		(26	)		735			101			7,047
		Other, net (primarily adjustments related to unconsolidated     joint ventures)		512			448			3,701			(1,535	)
	Core FFO attributable to the Operating Partnership			44,259			51,155			143,998			149,355
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,736	)		(3,574	)		(12,109	)		(9,996	)
	Core FFO attributable to common stockholders		$	40,523		$	47,581		$	131,889		$	139,359
		Per diluted share	$	0.19		$	0.22		$	0.61		$	0.64
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,314,706			217,043,022			217,208,809			216,871,778
	Effect of dilutive securities			14,505			32,676			36,985			21,638
	Denominator for FFO and Core FFO per diluted share			217,329,211			217,075,698			217,245,794			216,893,416

_______________________________________________________________________

(1) Represents Market Center and 111 Sutter Street.

10

Paramount Group, Inc.

Reconciliation of Net (Loss) Income to Same Store NOI and Same Store Cash NOI

(Unaudited and in thousands)

			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2024			2023			2024			2023
Reconciliation of net (loss) income to Same Store NOI
and Same Store Cash NOI:
	Net (loss) income		$	(4,203	)	$	(25,061	)	$	9,668		$	(99,576	)
	Adjustments to arrive at NOI:
		Fee income		(6,776	)		(4,573	)		(17,328	)		(14,106	)
		Depreciation and amortization		60,071			60,263			182,920			181,778
		General and administrative		16,672			15,460			49,938			46,307
		Loss (income) from real estate related fund investments		22			(2,060	)		92			37,034
		Loss from unconsolidated joint ventures		981			28,974			3,098			63,138
		NOI from unconsolidated joint ventures     (excluding One Steuart Lane)		5,384			9,233			16,611			30,334
		Interest and other income, net		(3,517	)		(4,115	)		(26,830	)		(10,007	)
		Interest and debt expense		43,805			39,102			124,078			112,440
		Income tax expense		619			263			1,328			1,124
		Non-core assets (1)		-			(3,993	)		-			(14,286	)
		Other, net		133			853			644			1,190
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(23,723	)		(22,275	)		(70,532	)		(67,551	)
	PGRE's share of NOI			89,468			92,071			273,687			267,819
		Non-same store adjustments:
		Lease termination income		(1,204	)		(4,066	)		(3,177	)		(6,121	)
		Non-cash write-offs of straight-line rent receivables		-			77			-			13,983
		Other, net		2,435			982			5,038			2,805
	PGRE's share of Same Store NOI		$	90,699		$	89,064		$	275,548		$	278,486
	PGRE's share of NOI		$	89,468		$	92,071		$	273,687		$	267,819
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated     joint ventures)		(2,191	)		(1,514	)		(6,694	)		(1,690	)
		Amortization of above and below-market leases, net     (including our share of unconsolidated joint ventures)		(1,697	)		(2,110	)		(5,304	)		(6,187	)
		Non-core assets (1)		-			606			-			1,166
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(1,470	)		1,755			(2,059	)		7,479
	PGRE's share of Cash NOI			84,110			90,808			259,630			268,587
		Non-same store adjustments:
		Lease termination income		(1,204	)		(4,066	)		(3,177	)		(6,121	)
		Other, net		2,329			1,012			5,003			2,775
	PGRE's share of Same Store Cash NOI		$	85,235		$	87,754		$	261,456		$	265,241

_______________________________________________________________________

(1) Represents Market Center and 111 Sutter Street.

11

EX-99.2

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.

- 2 -

TABLE OF CONTENTS

		Page
Overview
	Company Profile	4
	Common Share Data	5
	Guidance & Assumptions	6
Selected Financial Information
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations (“FFO”)	11
	Funds Available for Distribution (“FAD”)	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)	13
	Net Operating Income (“NOI”)	14 - 16
	Same Store NOI (by Reportable Segment)	17 - 20
Joint Ventures and Funds
	Consolidated Joint Ventures	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Real Estate Related Funds	33 - 38
Debt and Capitalization Data
	Capital Structure	39
	Debt Analysis	40
	Debt Maturities	41
Selected Property Data
	Portfolio Summary	42 - 44
	Top Tenants and Industry Diversification	45
	Leasing Activity	46 - 47
	Lease Expirations	48 - 50
	Capital Expenditures (Cash Basis)	51 - 52
Research Coverage		53
Definitions		54 - 55

- 3 -

COMPANY PROFILE

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

MANAGEMENT

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

BOARD OF DIRECTORS

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

COMPANY INFORMATION

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

- 4 -

COMMON SHARE DATA

(unaudited)

		Three Months Ended
Share Price:		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	High	$	5.47		$	5.10		$	5.36		$	5.92		$	5.43
	Low	$	4.49		$	4.30		$	4.21		$	4.06		$	4.20
	Closing (end of period)	$	4.92		$	4.63		$	4.69		$	5.17		$	4.62
Dividends declared per common share		$	-	(1)	$	0.035		$	0.035		$	0.035		$	0.035
Annualized dividends per common share		N/A			$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (on closing share price)		N/A				3.0	%		3.0	%		2.7	%		3.0	%

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

- 5 -

GUIDANCE

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

										Change at the
				Full Year 2024						Midpoint of
(Amounts per diluted share)				Low			High			Prior Guidance
			Estimated net loss attributable to common stockholders	$	(0.09	)	$	(0.07	)
			Our share of real estate depreciation and amortization		0.92			0.92
			Estimated FFO (1)		0.83			0.85
			Adjustments for non-core items (2)		(0.05	)		(0.05	)
			Estimated Core FFO (1)(3)	$	0.78		$	0.80		$	0.01
	Operating Assumptions:
		Leasing Activity (square feet)			825,000			925,000			62,500
		PGRE's share of Same Store Leased % (1) at year end			86.1	%		87.1	%		(0.5	%)
		Decrease in PGRE's share of Same Store Cash NOI (1)			(3.0	%)		(2.0	%)		1.0	%
		Decrease in PGRE's share of Same Store NOI (1)			(2.5	%)		(1.5	%)		0.5	%
	Financial Assumptions (at share):
		Estimated net loss		$	(20,500	)	$	(15,500	)	$	2,500
			Depreciation and amortization		215,500			215,500			-
			General and administrative expenses		66,000			65,000			1,000
			Interest and debt expense, including amortization of deferred financing costs		143,500			142,500			500
			Other, net (primarily non-cash gain on extinguishment of IPO related tax liability)		(12,000	)		(12,000	)		-
			Fee and other income, net of income taxes		(34,500	)		(34,500	)		(1,000	)
		NOI (1)			358,000			361,000			3,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(19,000	)		(20,000	)		1,000
		Cash NOI (1)		$	339,000		$	341,000		$	4,000

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

(2)Represents non-core items for the nine months ended September 30, 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 October 30, 2024 and otherwise to be referenced during our conference call scheduled for October 31, 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.

- 6 -

FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Nine Months Ended
SELECTED FINANCIAL DATA		September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
	Net loss per share - basic and diluted	$	(0.04	)	$	(0.04	)	$	(0.04	)	$	(0.04	)	$	(0.25	)
	Core FFO (1) per share - diluted	$	0.19		$	0.22		$	0.20		$	0.61		$	0.64
	PGRE's share of Adjusted EBITDAre (1)	$	82,878		$	85,111		$	82,032		$	251,831		$	245,386
	PGRE's share of Cash NOI (1)	$	84,110		$	90,808		$	86,543		$	259,630		$	268,587
	PGRE's share of NOI (1)	$	89,468		$	92,071		$	90,636		$	273,687		$	267,819

Same Store % Change	Same Store Cash NOI (1)	Same Store NOI (1)
Three Months Ended September 30, 2024 vs. 2023	(2.9%)	1.8%
Nine Months Ended September 30, 2024 vs. 2023	(1.4%)	(1.1%)

PORTFOLIO STATISTICS (at PGRE’s Share)

					% Change
					September 30, 2024	September 30, 2024	September 30, 2024
	2024		2023		vs.	vs.	vs.
Same Store Leased % (1)	September 30,	June 30,	December 31,	September 30,	June 30, 2024	December 31, 2023	September 30, 2023
New York	85.0%	86.9%	90.2%	90.4%	(1.9%)	(5.2%)	(5.4%)
San Francisco	83.6%	84.2%	89.8%	90.8%	(0.6%)	(6.2%)	(7.2%)
Weighted Average	84.7%	86.3%	90.1%	90.5%	(1.6%)	(5.4%)	(5.8%)

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

- 7 -

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237
		Buildings and improvements		6,290,976			6,276,347			6,278,863			6,250,379
				8,257,213			8,242,584			8,245,100			8,216,616
		Accumulated depreciation and amortization		(1,596,069	)		(1,550,341	)		(1,524,078	)		(1,471,819	)
	Real estate, net			6,661,144			6,692,243			6,721,022			6,744,797
	Cash and cash equivalents			318,725			307,461			276,235			428,208
	Restricted cash			173,510			164,639			171,776			81,391
	Accounts and other receivables			18,662			13,917			16,048			18,053
	Real estate related fund investments			-			-			-			775
	Investments in unconsolidated real estate related funds			4,607			4,536			4,603			4,549
	Investments in unconsolidated joint ventures			128,919			130,087			132,788			132,239
	Deferred rent receivable			355,555			353,769			353,826			351,209
	Deferred charges, net			103,858			105,812			107,407			108,751
	Intangible assets, net			54,125			57,612			62,609			68,005
	Other assets			71,847			71,788			83,411			68,238
Total assets			$	7,890,952		$	7,901,864		$	7,929,725		$	8,006,215
Liabilities:
	Notes and mortgages payable, net		$	3,674,367		$	3,672,103		$	3,669,850		$	3,803,484
	Revolving credit facility			-			-			-			-
	Accounts payable and accrued expenses			114,808			110,789			115,038			114,463
	Dividends and distributions payable			-			8,382			8,376			8,360
	Intangible liabilities, net			22,465			24,125			26,026			28,003
	Other liabilities			27,906			30,802			31,774			37,017
Total liabilities				3,839,546			3,846,201			3,851,064			3,991,327
Equity:
	Paramount Group, Inc. equity			3,173,867			3,181,913			3,199,050			3,203,285
	Noncontrolling interests in:
		Consolidated joint ventures		492,135			485,983			480,542			413,925
		Consolidated real estate related funds		92,759			93,340			103,886			110,589
		Operating Partnership		292,645			294,427			295,183			287,089
Total equity				4,051,406			4,055,663			4,078,661			4,014,888
Total liabilities and equity			$	7,890,952		$	7,901,864		$	7,929,725		$	8,006,215

- 8 -

CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Nine Months Ended
		September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024				September 30, 2023
Revenues:
	Rental revenue (1)	$	184,235		$	182,515		$	179,678		$	543,636			$	529,734
	Fee and other income (1)		10,664			6,666			7,730			27,548				20,583
Total revenues			194,899			189,181			187,408			571,184				550,317
Expenses:
	Operating		80,316			75,502			74,192			226,248				216,889
	Depreciation and amortization		60,071			60,263			61,735			182,920				181,778
	General and administrative		16,672			15,460			16,632			49,938				46,307
	Transaction related costs		242			132			423			843				323
Total expenses			157,301			151,357			152,982			459,949				445,297
Other income (expense):
	(Loss) income from real estate related fund     investments		(22	)		2,060			(27	)		(92	)			(37,034	)
	Income (loss) from unconsolidated real estate     related funds		109			(721	)		(15	)		199				(867	)
	Loss from unconsolidated joint ventures (1)		(981	)		(28,974	)		(771	)		(3,098	)			(63,138	)
	Interest and other income, net		3,517			4,115			3,893			26,830		(2)		10,007
	Interest and debt expense		(43,805	)		(39,102	)		(40,004	)		(124,078	)			(112,440	)
(Loss) income before income taxes			(3,584	)		(24,798	)		(2,498	)		10,996				(98,452	)
	Income tax expense		(619	)		(263	)		(362	)		(1,328	)			(1,124	)
Net (loss) income			(4,203	)		(25,061	)		(2,860	)		9,668				(99,576	)
Less net (income) loss attributable to noncontrolling     interests in:
	Consolidated joint ventures		(6,959	)		(4,887	)		(6,269	)		(18,434	)			(15,879	)
	Consolidated real estate related funds		581			20,934			589			408				57,412
	Operating Partnership		893			629			721			716				3,849
Net loss attributable to common stockholders		$	(9,688	)	$	(8,385	)	$	(7,819	)	$	(7,642	)		$	(54,194	)
	Per diluted share	$	(0.04	)	$	(0.04	)	$	(0.04	)	$	(0.04	)		$	(0.25	)

(1)See page 10 for details.

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

- 9 -

SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended						Nine Months Ended
Rental Revenue:		September 30, 2024		September 30, 2023		June 30, 2024		September 30, 2024		September 30, 2023
	Property rentals	$	153,732	$	158,595	$	157,178	$	468,505	$	473,073
	Tenant reimbursements		25,913		16,896		19,375		62,278		44,624
	Straight-line rent adjustments		1,982		1,060		464		5,300		1,305	(1)
	Amortization of above and below-market leases, net		1,379		1,445		1,632		4,351		3,929
	Lease termination income		1,229		4,519		1,029		3,202		6,803
Total rental revenue		$	184,235	$	182,515	$	179,678	$	543,636	$	529,734

(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 Chase 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, 2024		September 30, 2023		June 30, 2024		September 30, 2024		September 30, 2023
	Asset management	$	2,134	$	2,459	$	2,317	$	6,756	$	6,960
	Property management		1,695		1,810		1,657		5,096		5,503
	Acquisition, disposition, leasing and other		2,947		304		330		5,476		1,643
	Total fee income		6,776		4,573		4,304		17,328		14,106
	Other (primarily parking income and tenant requested services,     including cleaning and overtime heating and cooling)		3,888		2,093		3,426		10,220		6,477
Total fee and other income		$	10,664	$	6,666	$	7,730	$	27,548	$	20,583

		Three Months Ended									Nine Months Ended
Loss from Unconsolidated Joint Ventures:		September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
	Equity in earnings	$	(981	)	$	(5,032	)	$	(771	)	$	(3,098	)	$	(14,462	)
	Our share of real estate impairment loss related to     60 Wall Street		-			-			-			-			(24,734	)
	RDF's share of impairment losses related to residential     condominium units at One Steuart Lane (1)		-			(23,942	)		-			-			(23,942	)
Loss from Unconsolidated Joint Ventures:		$	(981	)	$	(28,974	)	$	(771	)	$	(3,098	)	$	(63,138	)

(1)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%. The amount above represents RDF's share of impairment loss, of which our share, net of amounts attributable to noncontrolling interests, was $1,772.

- 10 -

FFO

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

			Three Months Ended									Nine Months Ended
			September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(4,203	)	$	(25,061	)	$	(2,860	)	$	9,668		$	(99,576	)
	Real estate depreciation and amortization (including our share of     unconsolidated joint ventures)			63,487			69,160			65,035			192,946			209,687
	Our share of a non-cash real estate impairment loss related to     an unconsolidated joint venture			-			-			-			-			24,734
	Amounts attributable to noncontrolling interests in consolidated     joint ventures and real estate related funds			(15,511	)		6,132			(15,585	)		(46,981	)		12,533
	FFO attributable to the Operating Partnership			43,773			50,231			46,590			155,633			147,378
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,695	)		(3,510	)		(3,935	)		(13,079	)		(9,861	)
	FFO attributable to common stockholders (1)		$	40,078		$	46,721		$	42,655		$	142,554		$	137,517
	Per diluted share		$	0.18		$	0.21		$	0.20		$	0.66		$	0.63
	FFO attributable to the Operating Partnership		$	43,773		$	50,231		$	46,590		$	155,633		$	147,378
	Adjustments for non-core items:
		Non-cash gain on extinguishment of IPO related tax liability		-			-			-			(15,437	)		-
		Non-core assets (2)		-			(259	)		-			-			(3,535	)
		Our share of realized and unrealized gains and losses from     consolidated and unconsolidated real estate related funds		(26	)		735			47			101			7,047
		Other, net (primarily adjustments related to unconsolidated     joint ventures)		512			448			798			3,701			(1,535	)
	Core FFO attributable to the Operating Partnership			44,259			51,155			47,435			143,998			149,355
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,736	)		(3,574	)		(4,007	)		(12,109	)		(9,996	)
	Core FFO attributable to common stockholders (1)		$	40,523		$	47,581		$	43,428		$	131,889		$	139,359
	Per diluted share		$	0.19		$	0.22		$	0.20		$	0.61		$	0.64
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,314,706			217,043,022			217,204,870			217,208,809			216,871,778
	Effect of dilutive securities			14,505			32,676			27,125			36,985			21,638
	Denominator for FFO and Core FFO per diluted share			217,329,211			217,075,698			217,231,995			217,245,794			216,893,416

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

(2)Represents Market Center and 111 Sutter Street.

- 11 -

FAD

(unaudited and in thousands)

			Three Months Ended									Nine Months Ended
			September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	44,259		$	51,155		$	47,435		$	143,998		$	149,355
	Adjustments to arrive at FAD (including our share of     unconsolidated joint ventures):
		Straight-line rent		(2,191	)		(1,514	)		(1,116	)		(6,694	)		(1,690	)
		Amortization of above and below-market leases, net		(1,697	)		(2,110	)		(1,949	)		(5,304	)		(6,187	)
		Amortization of deferred financing costs		2,703			1,787			2,703			7,849			5,459
		Amortization of stock-based compensation expense		4,373			4,680			5,068			15,635			14,011
		Expenditures to maintain assets		(13,035	)		(7,934	)		(9,182	)		(33,161	)		(33,713	)
		Second generation tenant improvements and     leasing commissions		(11,591	)		(13,451	)		(11,814	)		(48,775	)		(32,537	)
		Non-core assets (1)		-			1,969			-			-			4,107
		Amounts attributable to noncontrolling interests in     consolidated joint ventures and real estate related funds		(940	)		5,122			(682	)		2,689			17,745
	FAD attributable to the Operating Partnership			21,881			39,704			30,463			76,237			116,550
	Amounts attributable to noncontrolling interests in     the Operating Partnership			(1,847	)		(2,774	)		(2,573	)		(6,415	)		(7,798	)
	FAD attributable to common stockholders (2) (3)		$	20,034		$	36,930		$	27,890		$	69,822		$	108,752
	Dividends paid on common stock		$	7,611		$	7,606		$	7,607		$	22,826		$	41,267
	FAD payout ratio (2)			38.0	%		20.6	%		27.3	%		32.7	%		37.9	%

(1)Represents Market Center and 111 Sutter Street.

(2)See page 54 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									Nine Months Ended
			September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
Reconciliation of net (loss) income to EBITDAre and    Adjusted EBITDAre:
	Net (loss) income		$	(4,203	)	$	(25,061	)	$	(2,860	)	$	9,668		$	(99,576	)
	Adjustments to arrive at EBITDAre (including our share of     unconsolidated joint ventures):
		Depreciation and amortization		63,487			69,160			65,035			192,946			209,687
		Interest and debt expense		46,076			45,666			42,258			131,121			132,085
		Our share of a non-cash real estate impairment loss     related to an unconsolidated joint venture		-			-			-			-			24,734
		Income tax expense		620			264			363			1,334			1,137
		Amounts attributable to noncontrolling interests in     consolidated joint ventures and real estate related funds		(23,500	)		(1,837	)		(23,566	)		(71,004	)		(11,950	)
	PGRE's share of EBITDAre (1)		$	82,480		$	88,192		$	81,230		$	264,065		$	256,117
	Adjustments to arrive at Adjusted EBITDAre:
		Non-cash gain on extinguishment of IPO related     tax liability		-			-			-			(15,437	)		-
		Non-core assets (2)		-			(4,175	)		-			-			(14,905	)
		Our share of EBITDAre from consolidated and     unconsolidated real estate related funds		(61	)		2,879			63			(174	)		8,391
		Other, net (primarily adjustments related to     unconsolidated joint ventures)		459			(1,785	)		739			3,377			(4,217	)
	PGRE's share of Adjusted EBITDAre (1)		$	82,878		$	85,111		$	82,032		$	251,831		$	245,386

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

(2)Represents Market Center and 111 Sutter Street.

- 13 -

NOI

(unaudited and in thousands)

			Three Months Ended									Nine Months Ended
			September 30, 2024			September 30, 2023			June 30, 2024			September 30, 2024			September 30, 2023
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(4,203	)	$	(25,061	)	$	(2,860	)	$	9,668		$	(99,576	)
	Adjustments to arrive at NOI:
		Fee income		(6,776	)		(4,573	)		(4,304	)		(17,328	)		(14,106	)
		Depreciation and amortization		60,071			60,263			61,735			182,920			181,778
		General and administrative		16,672			15,460			16,632			49,938			46,307
		Loss (income) from real estate related fund investments		22			(2,060	)		27			92			37,034
		Loss from unconsolidated joint ventures		981			28,974			771			3,098			63,138
		NOI from unconsolidated joint ventures (excluding     One Steuart Lane)		5,384			9,233			5,625			16,611			30,334
		Interest and other income, net		(3,517	)		(4,115	)		(3,893	)		(26,830	)		(10,007	)
		Interest and debt expense		43,805			39,102			40,004			124,078			112,440
		Income tax expense		619			263			362			1,328			1,124
		Non-core assets (1)		-			(3,993	)		-			-			(14,286	)
		Other, net		133			853			438			644			1,190
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(23,723	)		(22,275	)		(23,901	)		(70,532	)		(67,551	)
	PGRE's share of NOI (2)		$	89,468		$	92,071		$	90,636		$	273,687		$	267,819
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated     joint ventures)		(2,191	)		(1,514	)		(1,116	)		(6,694	)		(1,690	)
		Amortization of above and below-market leases, net     (including our share of unconsolidated joint ventures)		(1,697	)		(2,110	)		(1,949	)		(5,304	)		(6,187	)
		Non-core assets (1)		-			606			-			-			1,166
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(1,470	)		1,755			(1,028	)		(2,059	)		7,479
	PGRE's share of Cash NOI (2)		$	84,110		$	90,808		$	86,543		$	259,630		$	268,587

(1)Represents Market Center and 111 Sutter Street.

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

- 14 -

NOI

(unaudited and in thousands)

			Three Months Ended September 30, 2024
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(4,203	)	$	(9,078	)	$	17,213		$	(12,338	)
	Adjustments to arrive at NOI:
		Fee income		(6,776	)		-			-			(6,776	)
		Depreciation and amortization		60,071			40,587			18,272			1,212
		General and administrative		16,672			-			-			16,672
		Loss from real estate related fund investments		22			-			-			22
		Loss (income) from unconsolidated joint ventures		981			(55	)		225			811
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		5,384			3,407			2,018			(41	)
		Interest and other income, net		(3,517	)		(899	)		(502	)		(2,116	)
		Interest and debt expense		43,805			30,216			12,817			772
		Income tax expense		619			-			-			619
		Other, net		133			-			-			133
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(23,723	)		(2,424	)		(21,299	)		-
	PGRE's share of NOI (1) for the three months ended September 30, 2024		$	89,468		$	61,754		$	28,744		$	(1,030	)
	PGRE's share of NOI (1) for the three months ended September 30, 2023		$	92,071		$	66,606		$	26,444		$	(979	)
	PGRE's share of NOI for the three months ended September 30, 2024		$	89,468		$	61,754		$	28,744		$	(1,030	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(2,191	)		(6,115	)		3,818			106
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(1,697	)		(767	)		(930	)		-
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(1,470	)		(214	)		(1,256	)		-
	PGRE's share of Cash NOI (1) for the three months ended September 30, 2024		$	84,110		$	54,658		$	30,376		$	(924	)
	PGRE's share of Cash NOI (1) for the three months ended September 30, 2023		$	90,808		$	66,931		$	24,886		$	(1,009	)

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

- 15 -

NOI

(unaudited and in thousands)

			Nine Months Ended September 30, 2024
			Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)		$	9,668		$	(15,297	)	$	46,470		$	(21,505	)
	Adjustments to arrive at NOI:
		Fee income		(17,328	)		-			-			(17,328	)
		Depreciation and amortization		182,920			123,791			55,504			3,625
		General and administrative		49,938			-			-			49,938
		Loss from real estate related fund investments		92			-			-			92
		Loss from unconsolidated joint ventures		3,098			1,575			590			933
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		16,611			10,442			6,128			41
		Interest and other income, net		(26,830	)		(2,723	)		(1,183	)		(22,924	)
		Interest and debt expense		124,078			83,315			38,481			2,282
		Income tax expense		1,328			16			84			1,228
		Other, net		644			-			-			644
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(70,532	)		(7,600	)		(62,932	)		-
	PGRE's share of NOI (1) for the nine months ended September 30, 2024		$	273,687		$	193,519		$	83,142		$	(2,974	)
	PGRE's share of NOI (1) for the nine months ended September 30, 2023		$	267,819		$	193,864		$	76,746		$	(2,791	)
	PGRE's share of NOI for the nine months ended September 30, 2024		$	273,687		$	193,519		$	83,142		$	(2,974	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		(6,694	)		(14,290	)		7,561			35
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(5,304	)		(2,275	)		(3,029	)		-
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(2,059	)		(479	)		(1,580	)		-
	PGRE's share of Cash NOI (1) for the nine months ended September 30, 2024		$	259,630		$	176,475		$	86,094		$	(2,939	)
	PGRE's share of Cash NOI (1) for the nine months ended September 30, 2023		$	268,587		$	194,933		$	76,415		$	(2,761	)

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

- 16 -

SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Three Months Ended September 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended September 30, 2024		$	84,110		$	54,658		$	30,376		$	(924	)
		Non-same store adjustments:
		Lease termination income		(1,204	)		(1,179	)		(25	)		-
		Other, net		2,329			1,405			-			924
	PGRE's share of Same Store Cash NOI for the three months ended
		September 30, 2024	$	85,235		$	54,884		$	30,351		$	-
			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		$	90,808		$	66,931		$	24,886		$	(1,009	)
		Non-same store adjustments:
		Lease termination income		(4,066	)		(4,066	)		-			-
		Other, net		1,012			3			-			1,009
	PGRE's share of Same Store Cash NOI for the three months ended
		September 30, 2023	$	87,754		$	62,868		$	24,886		$	-

% (Decrease) increase (2.9 %) (12.7 %) 22.0 %

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

- 17 -

SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Nine Months Ended September 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the nine months ended September 30, 2024		$	259,630		$	176,475		$	86,094		$	(2,939	)
		Non-same store adjustments:
		Lease termination income		(3,177	)		(3,152	)		(25	)		-
		Other, net		5,003			2,055			9			2,939
	PGRE's share of Same Store Cash NOI for the nine months ended
		September 30, 2024	$	261,456		$	175,378		$	86,078		$	-
			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		$	268,587		$	194,933		$	76,415		$	(2,761	)
		Non-same store adjustments:
		Lease termination income		(6,121	)		(6,121	)		-			-
		Other, net		2,775			14			-			2,761
	PGRE's share of Same Store Cash NOI for the nine months ended
		September 30, 2023	$	265,241		$	188,826		$	76,415		$	-

% (Decrease) increase (1.4 %) (7.1 %) 12.6 %

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

- 18 -

SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Three Months Ended September 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended September 30, 2024		$	89,468		$	61,754		$	28,744		$	(1,030	)
		Non-same store adjustments:
		Lease termination income		(1,204	)		(1,179	)		(25	)		-
		Other, net		2,435			1,405			-			1,030
	PGRE's share of Same Store NOI for the three months ended
		September 30, 2024	$	90,699		$	61,980		$	28,719		$	-
			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		$	92,071		$	66,606		$	26,444		$	(979	)
		Non-same store adjustments:
		Lease termination income		(4,066	)		(4,066	)		-			-
		Non-cash write-offs of straight-line rent receivables		77			77			-			-
		Other, net		982			3			-			979
	PGRE's share of Same Store NOI for the three months ended
		September 30, 2023	$	89,064		$	62,620		$	26,444		$	-

% Increase (decrease) 1.8 % (1.0 %) 8.6 %

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

- 19 -

SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Nine Months Ended September 30, 2024
			Total			New York				San Francisco				Other
	PGRE's share of NOI for the nine months ended September 30, 2024		$	273,687		$	193,519			$	83,142			$	(2,974	)
		Non-same store adjustments:
		Lease termination income		(3,177	)		(3,152	)			(25	)			-
		Other, net		5,038			2,055				9				2,974
	PGRE's share of Same Store NOI for the nine months ended
		September 30, 2024	$	275,548		$	192,422			$	83,126			$	-
			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		$	267,819		$	193,864			$	76,746			$	(2,791	)
		Non-same store adjustments:
		Lease termination income		(6,121	)		(6,121	)			-				-
		Non-cash write-offs of straight-line rent receivables		13,983			6,640		(2)		7,343		(2)		-
		Other, net		2,805			14				-				2,791
	PGRE's share of Same Store NOI for the nine months ended
		September 30, 2023	$	278,486		$	194,397			$	84,089			$	-

% Decrease (1.1 %) (1.0 %) (1.1 %)

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

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

- 20 -

CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 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	$	3,220,763	$	1,641,499	$	1,118,884	$	460,380
	Cash and cash equivalents		116,278		75,274		14,021		26,983
	Restricted cash		109,164		78		109,086		-
	Accounts and other receivables		11,653		4,846		5,713		1,094
	Deferred rent receivable		197,284		93,838		78,458		24,988
	Deferred charges, net		40,198		20,099		12,955		7,144
	Intangible assets, net		30,824		26,435		3,403		986
	Other assets		21,746		13,635		6,962		1,149
Total Assets		$	3,747,910	$	1,875,704	$	1,349,482	$	522,724
Liabilities:
	Notes and mortgages payable, net	$	2,319,284	$	1,244,855	$	842,753	$	231,676
	Accounts payable and accrued expenses		58,577		15,094		30,889		12,594
	Intangible liabilities, net		13,740		10,368		3,060		312
	Other liabilities		5,417		689		4,697		31
Total Liabilities			2,397,018		1,271,006		881,399		244,613
Equity:
	Paramount Group, Inc. equity		858,757		543,769		229,431		85,557
	Noncontrolling interests		492,135		60,929		238,652		192,554
Total Equity			1,350,892		604,698		468,083		278,111
Total Liabilities and Equity		$	3,747,910	$	1,875,704	$	1,349,482	$	522,724

- 21 -

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

- 22 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	107,416		$	49,418		$	43,131		$	14,867
Total operating expenses			39,860			21,752			13,363			4,745
Net operating income (1)			67,556			27,666			29,768			10,122
Depreciation and amortization			(28,320	)		(14,329	)		(10,835	)		(3,156	)
Interest and other income, net			1,199			697			294			208
Interest and debt expense			(22,621	)		(9,804	)		(10,157	)		(2,660	)
Net income		$	17,814		$	4,230		$	9,070		$	4,514
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	9,655		$	3,804		$	4,447		$	1,404
	Management fee income		1,200			345			248			607
	PGRE's share of net income		10,855			4,149			4,695			2,011
	Real estate depreciation and amortization		19,187			12,896			5,310			981
	FFO/Core FFO (1)	$	30,042		$	17,045		$	10,005		$	2,992
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	8,159		$	426		$	4,623		$	3,110
	Management fee expense		(1,200	)		(345	)		(248	)		(607	)
	Net income attributable to noncontrolling interests		6,959			81			4,375			2,503
	Real estate depreciation and amortization		9,133			1,433			5,525			2,175
	FFO/Core FFO (1)	$	16,092		$	1,514		$	9,900		$	4,678

(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, 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.

- 24 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	315,672		$	146,595		$	126,935		$	42,142
Total operating expenses			111,479			60,343			38,125			13,011
Net operating income (1)			204,193			86,252			88,810			29,131
Depreciation and amortization			(90,573	)		(46,918	)		(32,487	)		(11,168	)
Interest and other income, net			3,154			1,971			722			461
Interest and debt expense			(67,687	)		(29,206	)		(30,501	)		(7,980	)
Income before income taxes			49,087			12,099			26,544			10,444
Income tax expense			(98	)		(16	)		(81	)		(1	)
Net income		$	48,989		$	12,083		$	26,463		$	10,443
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	27,078		$	10,871		$	12,965		$	3,242
	Management fee income		3,477			1,032			681			1,764
	PGRE's share of net income		30,555			11,903			13,646			5,006
	Real estate depreciation and amortization		61,618			42,226			15,919			3,473
	FFO/Core FFO (1)	$	92,173		$	54,129		$	29,565		$	8,479
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	21,911		$	1,212		$	13,498		$	7,201
	Management fee expense		(3,477	)		(1,032	)		(681	)		(1,764	)
	Net income attributable to noncontrolling interests		18,434			180			12,817			5,437
	Real estate depreciation and amortization		28,955			4,692			16,568			7,695
	FFO/Core FFO (1)	$	47,389		$	4,872		$	29,385		$	13,132

(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, 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.

- 26 -

UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 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	$	1,606,587	$	213,676		$	224,893	$	619,804	$	50	$	144,306	$	266,266		$	137,592
	Cash and cash equivalents		85,664		25,097			25,834		11,518		15,208		2,366		3,391			2,250
	Restricted cash		71,664		5,970			-		52,501		-		-		11,390			1,803
	Accounts and other receivables		11,811		5,149			397		227		123		28		5,138			749
	Deferred rent receivable		40,215		21,428			4,541		-		-		4,161		7,435			2,650
	Deferred charges, net		16,840		9,003			1,697		-		-		-		5,113			1,027
	Intangible assets, net		43,829		-			2,879		-		-		36,204		3,815			931
	For-sale residential condominium units		235,366		-			-		-		235,366		-		-			-
	Other assets		15,201		3,160			425		7,554		219		2,168		1,345			330
Total Assets		$	2,127,177	$	283,483		$	260,666	$	691,604	$	250,966	$	189,233	$	303,893		$	147,332
Liabilities:
	Notes and mortgages payable, net	$	1,770,748	$	298,904		$	187,187	$	594,407	$	-	$	106,250	$	416,289		$	167,711
	Accounts payable and accrued expenses		61,749		6,178			5,239		23,056		3,051		1,934		17,626			4,665
	Intangible liabilities, net		1,940		-			1,387		-		-		-		260			293
	Other liabilities		74,602		184			157		67,555		16		2,537		3,222			931
Total Liabilities			1,909,039		305,266			193,970		685,018		3,067		110,721		437,397			173,600
Total Equity			218,138		(21,783	)		66,696		6,586		247,899		78,512		(133,504	)		(26,268	)
Total Liabilities and Equity		$	2,127,177	$	283,483		$	260,666	$	691,604	$	250,966	$	189,233	$	303,893		$	147,332

(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%.

- 27 -

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%.

- 28 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 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		$	37,562		$	12,652		$	8,125		$	-		$	1,801		(3)	$	3,237		$	8,051		$	3,696
Total operating expenses			23,985			6,182			3,578			114			4,008		(3)		1,762			6,349			1,992
Net operating income (loss) (4)			13,577			6,470			4,547			(114	)		(2,207	)			1,475			1,702			1,704
Depreciation and amortization			(12,464	)		(3,533	)		(3,451	)		-			-				(1,075	)		(2,725	)		(1,680	)
Interest and other income, net			1,855			200			228			1,191			156				17			29			34
Interest and debt expense			(14,782	)		(2,702	)		(1,857	)		-			-				(1,093	)		(5,943	)		(3,187	)
Gain on settlement of interest rate swap			2,498			-			-			-			-				-			2,498			-
(Loss) income before income taxes			(9,316	)		435			(533	)		1,077			(2,051	)			(676	)		(4,439	)		(3,129	)
Income tax expense			(1	)		(1	)		-			-			-				-			-			-
Net (loss) income		$	(9,317	)	$	434		$	(533	)	$	1,077		$	(2,051	)		$	(676	)	$	(4,439	)	$	(3,129	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(5,242	)	$	217		$	(223	)	$	55		$	(718	)		$	(63	)	$	(2,977	)	$	(1,533	)
	Step-up basis adjustment		(32	)		-			(2	)		-			(3	)			(27	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		4,293			(217	)		-			-			-				-			2,977			1,533
	PGRE's share of net (loss) income		(981	)		-			(225	)		55			(721	)			(90	)		-			-
	Real estate depreciation and amortization		3,416			1,767			1,524			-			-				125			-			-
	FFO (4)		2,435			1,767			1,299			55			(721	)			35			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		217			217			-			-			-				-			-			-
	FFO attributable to One Steuart Lane		721			-			-			-			721				-			-			-
	Core FFO (4)	$	3,373		$	1,984		$	1,299		$	55		$	-			$	35		$	-		$	-

(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 54 for our definition of this measure.

- 29 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended September 30, 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		$	39,503		$	12,089		$	7,898		$	-		$	30			$	3,838		$	12,548		$	3,100
Total operating expenses			92,348			5,684			3,685			52			71,607		(3)		1,919			7,351			2,050
Net operating (loss) income (4)			(52,845	)		6,405			4,213			(52	)		(71,577	)			1,919			5,197			1,050
Depreciation and amortization			(16,863	)		(2,976	)		(4,017	)		-			(6	)			(1,076	)		(6,692	)		(2,096	)
Interest and other income (loss), net			734			211			190			(3	)		49				15			267			5
Interest and debt expense			(19,895	)		(2,701	)		(1,857	)		(7,606	)		-				(1,068	)		(3,616	)		(3,047	)
(Loss) income before income taxes			(88,869	)		939			(1,471	)		(7,661	)		(71,534	)			(210	)		(4,844	)		(4,088	)
Income tax expense			(2	)		-			(1	)		-			-				-			-			(1	)
Net (loss) income		$	(88,871	)	$	939		$	(1,472	)	$	(7,661	)	$	(71,534	)		$	(210	)	$	(4,844	)	$	(4,089	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(30,864	)	$	470		$	(642	)	$	(384	)	$	(25,037	)		$	(20	)	$	(3,248	)	$	(2,003	)
	Step-up basis adjustment		(27	)		-			-			-			-				(27	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		1,917			(470	)		-			384			-				-			-			2,003
	PGRE's share of net loss		(28,974	)		-			(642	)		-			(25,037	)			(47	)		(3,248	)		-
	Real estate depreciation and amortization		8,897			1,488			1,771			-			2				126			4,483			1,027
	FFO (4)		(20,077	)		1,488			1,129			-			(25,035	)			79			1,235			1,027
	RDF's share of an impairment loss related     to residential condominium units at     One Steuart Lane		23,942			-			-			-			23,942				-			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(1,917	)		470			-			(384	)		-				-			-			(2,003	)
	FFO attributable to One Steuart Lane		1,093			-			-			-			1,093				-			-			-
	Adjustments for non-core assets		(259	)		-			-			-			-				-			(1,235	)		976
	Other non-core items		381			-			-			381			-				-			-			-
	Core FFO (4)	$	3,163		$	1,958		$	1,129		$	(3	)	$	-			$	79		$	-		$	-

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

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

(3)Includes a $68,407 non-cash impairment loss related to condominium units, of which RDF’s share was $23,942.

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

- 30 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 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		$	126,989		$	37,895		$	24,294		$	-		$	17,638		(3)	$	11,464		$	24,796		$	10,902
Total operating expenses			80,345			18,052			10,471			215			20,411		(3)		5,251			19,417			6,528
Net operating income (loss) (4)			46,644			19,843			13,823			(215	)		(2,773	)			6,213			5,379			4,374
Depreciation and amortization			(38,232	)		(10,161	)		(10,344	)		-			-				(3,227	)		(8,792	)		(5,708	)
Interest and other income, net			4,351			588			704			2,379			486				42			110			42
Interest and debt expense			(44,729	)		(8,049	)		(5,570	)		(5,255	)		-				(3,231	)		(13,187	)		(9,437	)
Gain on settlement of interest rate swap			2,498			-			-			-			-				-			2,498			-
(Loss) income before income taxes			(29,468	)		2,221			(1,387	)		(3,091	)		(2,287	)			(203	)		(13,992	)		(10,729	)
Income tax expense			(26	)		(1	)		(8	)		(2	)		(3	)			(4	)		(5	)		(3	)
Net (loss) income		$	(29,494	)	$	2,220		$	(1,395	)	$	(3,093	)	$	(2,290	)		$	(207	)	$	(13,997	)	$	(10,732	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(15,095	)	$	1,110		$	(583	)	$	(152	)	$	(802	)		$	(24	)	$	(9,386	)	$	(5,258	)
	Step-up basis adjustment		(113	)		-			(7	)		-			(26	)			(80	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		12,110			(1,110	)		-			(1,424	)		-				-			9,386			5,258
	PGRE's share of net loss		(3,098	)		-			(590	)		(1,576	)		(828	)			(104	)		-			-
	Real estate depreciation and amortization		10,026			5,081			4,568			-			-				377			-			-
	FFO (4)		6,928			5,081			3,978			(1,576	)		(828	)			273			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		2,534			1,110			-			1,424			-				-			-			-
	FFO attributable to One Steuart Lane		828			-			-			-			828				-			-			-
	Other non-core items		263			-			-			263			-				-			-			-
	Core FFO (4)	$	10,553		$	6,191		$	3,978		$	111		$	-			$	273		$	-		$	-

(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 54 for our definition of this measure.

- 31 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Nine Months Ended September 30, 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		$	125,727		$	36,496		$	23,823		$	-		$	2,951		(3)	$	12,184		$	40,834		$	9,439
Total operating expenses			142,039			17,239			10,597			267			80,084		(3)(4)		5,826			21,972			6,054
Net operating (loss) income (5)			(16,312	)		19,257			13,226			(267	)		(77,133	)			6,358			18,862			3,385
Depreciation and amortization			(52,341	)		(8,631	)		(12,166	)		-			(43	)			(3,124	)		(21,805	)		(6,572	)
Interest and other income (loss), net			2,226			707			470			(8	)		105				22			901			29
Interest and debt expense			(53,256	)		(8,020	)		(5,570	)		(12,475	)		(4,792	)			(3,095	)		(10,603	)		(8,701	)
Real estate impairment loss			(455,893	)		-			-			(455,893	)		-				-			-			-
(Loss) income before income taxes			(575,576	)		3,313			(4,040	)		(468,643	)		(81,863	)			161			(12,645	)		(11,859	)
Income tax expense			(32	)		-			(20	)		-			(2	)			(4	)		(3	)		(3	)
Net (loss) income		$	(575,608	)	$	3,313		$	(4,060	)	$	(468,643	)	$	(81,865	)		$	157		$	(12,648	)	$	(11,862	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(65,015	)	$	1,657		$	(1,775	)	$	(22,811	)	$	(27,806	)		$	15		$	(8,482	)	$	(5,813	)
	Step-up basis adjustment		(2,663	)		-			(5	)		(2,574	)		(5	)			(79	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		4,540			(1,657	)		-			384			-				-			-			5,813
	PGRE's share of net loss		(63,138	)		-			(1,780	)		(25,001	)		(27,811	)			(64	)		(8,482	)		-
	Real estate depreciation and amortization		27,909			4,316			5,369			12			15				367			14,609			3,221
	Real estate impairment loss		24,734			-			-			24,734			-				-			-			-
	FFO (5)		(10,495	)		4,316			3,589			(255	)		(27,796	)			303			6,127			3,221
	RDF's share of an impairment loss related     to residential condominium units at     One Steuart Lane		23,942			-			-			-			23,942				-			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(4,540	)		1,657			-			(384	)		-				-			-			(5,813	)
	FFO attributable to One Steuart Lane		3,854			-			-			-			3,854				-			-			-
	Adjustments for non-core assets		(3,535	)		-			-			-			-				-			(6,127	)		2,592
	Other non-core items		625			-			-			625			-				-			-			-
	Core FFO (5)	$	9,851		$	5,973		$	3,589		$	(14	)	$	-			$	303		$	-		$	-

(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)Includes a $68,407 non-cash impairment loss related to condominium units, of which RDF’s share was $23,942.

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

- 32 -

REAL ESTATE RELATED FUNDS – BALANCE SHEETS

(unaudited and in thousands)

		As of September 30, 2024							As of September 30, 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	$	12,180	$	411	$	11,769		$	106,037
	Accounts and other receivables		11		-		11			-
	Real estate related fund investments (2)		-		-		-			245,302
	Investments in unconsolidated joint ventures		87,329		-		87,329	(3)		-
	Other assets		8		8		-			3,162
Total Assets		$	99,528	$	419	$	99,109		$	354,501
Liabilities:
	Accounts payable and accrued expenses	$	55	$	30	$	25		$	82
	Other liabilities		19		11		8			1
Total Liabilities			74		41		33			83
Equity:
	Paramount Group, Inc. equity		6,695		49		6,646			4,607
	Joint Venture Partners' equity		92,759		329		92,430			349,811
Total Equity			99,454		378		99,076			354,418
Total Liabilities and Equity		$	99,528	$	419	$	99,109		$	354,501

(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, 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.

- 34 -

REAL ESTATE RELATED FUNDS – OPERATING RESULTS

(unaudited and in thousands)

											Three Months Ended
		Three Months Ended September 30, 2024									September 30, 2024
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment (loss) income		$	(22	)	$	(22	)	$	-		$	6,534
Net unrealized gains			-			-			-			1,922
(Loss) income from real estate related fund investments			(22	)		(22	)		-			8,456
Loss from unconsolidated joint ventures			(721	)		-			(721	)		-
Interest and other income, net			112			-			112			-
Net (loss) income		$	(631	)	$	(22	)	$	(609	)	$	8,456
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net (loss) income / FFO	$	(50	)	$	(3	)	$	(47	)	$	109
	FFO attributable to One Steuart Lane		53			-			53			-
	Realized and unrealized gains and losses from real estate     related fund investments		-			-			-			(26	)
	Core FFO (2)	$	3		$	(3	)	$	6		$	83
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss / FFO	$	(581	)	$	(19	)	$	(562	)
	FFO attributable to One Steuart Lane		668			-			668
	Realized and unrealized gains and losses from real estate     related fund investments		-			-			-
	Core FFO (2)	$	87		$	(19	)	$	106

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

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

- 35 -

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 Fund			Fund X			Development Fund				Unconsolidated Funds (1)
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	)	(2)		-
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 (3)		(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 (3)	$	10		$	539		$	(529	)		$	18
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net (loss) income	$	(20,660	)	$	1,791		$	(22,451	)
	Management fee expense		(274	)		(274	)		-
	Net (loss) income attributable to joint venture partners		(20,934	)		1,517			(22,451	)
	Real estate depreciation and amortization		1			-			1
	FFO (3)		(20,933	)		1,517			(22,450	)
	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	)		-
	Core FFO (3)	$	2,226		$	1,493		$	733

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

(2)Includes $23,942 for RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane, of which our share was $1,772.

(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, 2024									September 30, 2024
		Consolidated Funds
		Total						Residential			Total
		Consolidated Funds			Fund X			Development Fund			Unconsolidated Funds (1)
Net investment income		$	683		$	683		$	-		$	15,519
Net unrealized losses			(775	)		(775	)		-			(99	)
(Loss) income from real estate related fund investments			(92	)		(92	)		-			15,420
Loss from unconsolidated joint ventures			(828	)		-			(828	)		-
Interest and other income, net			499			-			499			-
Net (loss) income		$	(421	)	$	(92	)	$	(329	)	$	15,420
PGRE's share
Ownership		Total			13.0%			7.4%			Total
	Net (loss) income / FFO	$	(13	)	$	1		$	(14	)	$	199
	FFO attributable to One Steuart Lane		61			-			61			-
	Realized and unrealized gains and losses from real estate     related fund investments		101			101			-			-
	Core FFO (2)	$	149		$	102		$	47		$	199
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss / FFO	$	(408	)	$	(93	)	$	(315	)
	FFO attributable to One Steuart Lane		767			-			767
	Realized and unrealized gains and losses from real estate     related fund investments		674			674			-
	Core FFO (2)	$	1,033		$	581		$	452

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

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

- 37 -

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 Fund			Fund X			Development Fund				Unconsolidated Funds (1)
Net investment income		$	9,741		$	9,741		$	-			$	7,112
Net realized losses			(1,224	)		(1,224	)		-				(7	)
Net unrealized losses			(45,551	)		(45,551	)		-				(74,258	)
Loss from real estate related fund investments			(37,034	)		(37,034	)		-				(67,153	)
Loss from unconsolidated joint ventures			(27,811	)		-			(27,811	)	(2)		-
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 (3)		(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 gains and losses from real estate     related fund investments		6,090			6,090			-				957
	Core FFO (3)	$	1,530		$	2,112		$	(582	)		$	90
Noncontrolling interests' share
Ownership		Total			87.0%			92.6%
	Net loss	$	(56,568	)	$	(32,212	)	$	(24,356	)
	Management fee expense		(844	)		(844	)		-
	Net loss attributable to joint venture partners		(57,412	)		(33,056	)		(24,356	)
	Real estate depreciation and amortization		14			-			14
	FFO (3)		(57,398	)		(33,056	)		(24,342	)
	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 gains and losses from real estate     related fund investments		40,685			40,685			-
	Core FFO (3)	$	9,026		$	7,629		$	1,397

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

(2)Includes $23,942 for RDF’s share of a non-cash impairment loss related to residential condominium units at One Steuart Lane, of which our share was $1,772.

(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, 2024
Debt (1):				At 100%		At PGRE's Share (2)			Excluding Non-Core Debt (3)
	Notes and mortgages payable (secured debt):
	Consolidated debt			$	3,692,050	$	2,973,680		$	2,973,680
	Unconsolidated joint ventures debt				1,195,089		272,665			272,665
	Non-core unconsolidated joint ventures debt				584,276		361,273			-
	Revolving Credit Facility (unsecured debt)				-		-			-
	Total debt			$	5,471,415		3,607,618	(A)		3,246,345	(A)
		Shares / Units		Share Price as of
Equity:		Outstanding		September 30, 2024
	Common stock		217,518,587	$	4.92		1,070,192			1,070,192
	Operating Partnership units		20,038,028		4.92		98,587			98,587
	Total equity		237,556,615		4.92		1,168,779			1,168,779
Total Market Capitalization						$	4,776,397		$	4,415,124
PGRE's share of cash and cash equivalents and restricted cash (2)						$	424,263	(B)	$	412,374	(B)
PGRE's share of net debt (2)(A - B)						$	3,183,355		$	2,833,971
PGRE's share of Net Debt to Annualized Adjusted EBITDAre (2)						9.6x			8.5x

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

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

(3)Excludes Market Center and 111 Sutter Street.

- 39 -

DEBT ANALYSIS

(unaudited)

Revolving Credit Facility Covenants (4):		Required	Actual	Debt Composition (at PGRE's Share)
	Total Debt / Total Assets	Less than 60%	47.3%				Weighted Average
	Secured Debt / Total Assets	Less than 50%	47.3%				Interest Rate	Years to Maturity
	Fixed Charge Coverage	Greater than 1.5x	2.41x		Including Non-Core Debt:
	Unsecured Debt / Unencumbered Assets	Less than 60%	0.0%			Fixed Rate Debt	3.51%	3.6
	Unencumbered Interest Coverage	Greater than 1.75x	38.58x			Floating Rate Debt	6.48%	1.5
						Total	4.53%	2.9
					Excluding Non-Core Debt (2):
						Fixed Rate Debt	3.51%	3.6
						Floating Rate Debt	6.29%	1.9
						Total	4.26%	3.1

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

(2)Excludes Market Center and 111 Sutter Street.

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

(4)This section presents ratios as of September 30, 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

- 40 -

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			6.27	%	(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 ($9,783)		9.5	%		-			-			-			-			929			-			929			5.32	%
	60 Wall Street ($599,806)		5.0	%		-			-			-			-			-			30,051			30,051			9.60	%	(2)
	1600 Broadway ($98,000)		9.2	%		-			-			-			-			-			9,016			9,016			3.45	%
Non-Core Unconsolidated JV Debt:
	111 Sutter Street ($167,732)		49.0	%		-			82,189			-			-			-			-			82,189			7.36	%	(3)
	Market Center ($416,544) (4)		67.0	%		-			279,084			-			-			-			-			279,084			6.82	%
Revolving Credit Facility (unsecured)			100.0	%		-			-			-			-			-			-			-			-	%
PGRE's Share of Total Debt (5)					$	-		$	361,273		$	1,514,837		$	566,500		$	929		$	1,164,079		$	3,607,618
	Weighted average rate					-	%		6.94	%		5.24	%		3.90	%		5.32	%		3.16	%		4.53	%
	% of debt maturing					-	%		10.0	%		42.0	%		15.7	%		0.0	%		32.3	%		100.0	%
PGRE's Share of Total Debt Excluding Non-Core Assets					$	-		$	-		$	1,514,837		$	566,500		$	929		$	1,164,079		$	3,246,345
	Weighted average rate					-	%		-	%		5.24	%		3.90	%		5.32	%		3.16	%		4.26	%
	% of debt maturing					-	%		-	%		46.6	%		17.5	%		0.0	%		35.9	%		100.0	%

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

(2)Consists of (i) a $16,176 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 $13,875 B-Note that will accrue interest at a fixed rate of 12.00%.

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

(4)In August 2024, the joint venture that owns Market Center defaulted on the loan. The interest rate presented is at SOFR plus 161 basis points and excludes default interest of 4.00%.

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

- 41 -

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		84.9	%		82.2	%	$	783,558	$	93.47		10,326,502		-		10,326,502
	PGRE's share		84.7	%		81.4	%	$	592,853	$	89.36		8,295,688		-		8,295,688
Non-Same Store Portfolio (3)
	Weighted average		49.4	%		49.4	%	$	43,398	$	87.72		1,026,738		1,643,651		2,670,389
	PGRE's share		47.5	%		47.5	%	$	26,621	$	87.72		638,168		82,347		720,515
Total Portfolio
	Weighted average		81.6	%		79.1	%	$	826,956	$	93.14		11,353,240		1,643,651		12,996,891
	PGRE's share		82.0	%		79.0	%	$	619,474	$	89.28		8,933,856		82,347		9,016,203

	Leased % (1) (at PGRE's Share)
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total Portfolio
New York		85.0	%		86.9	%		90.1	%		90.2	%		90.4	%
San Francisco		74.2	%		74.9	%		76.8	%		80.8	%		82.0	%
Weighted Average		82.0	%		83.6	%		86.5	%		87.7	%		88.1	%

(1)See page 54 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.

- 42 -

PORTFOLIO SUMMARY – NEW YORK

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

											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
1633 Broadway
	Office		90.0	%		91.7	%		91.7	%	$	177,471	$	85.42		2,275,229		-		2,275,229	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		100.0	%		96.9	%		12,282		70.15		255,758		-		255,758	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		92.6	%		92.3	%		189,753		85.01		2,530,987		-		2,530,987
1301 Avenue of the Americas
	Office		100.0	%		85.5	%		81.0	%		117,239		86.23		1,698,478		-		1,698,478	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers
	Retail / Paramount Club		100.0	%		100.0	%		100.0	%		4,531		186.32		50,885		-		50,885	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		85.9	%		81.5	%		121,770		87.54		1,749,363		-		1,749,363
1325 Avenue of the Americas
	Office		100.0	%		94.4	%		85.3	%		45,647		67.90		809,383		-		809,383	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		96.7	%		96.7	%		1,467		95.79		15,502		-		15,502	La Grande Boucherie
			100.0	%		94.5	%		85.5	%		47,114		68.37		824,885		-		824,885
31 West 52nd Street
	Office		100.0	%		65.8	%		51.7	%		37,199		96.33		747,767		-		747,767	Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																					Bracewell, Providence Equity Partners, Wilson Sonsini
	Retail		100.0	%		87.1	%		87.1	%		4,914		124.22		25,915		-		25,915	Fogo De Chao, MoMA Design Store
			100.0	%		66.5	%		52.8	%		42,113		97.87		773,682		-		773,682
900 Third Avenue
	Office		100.0	%		68.6	%		68.6	%		28,115		71.55		575,592		-		575,592	Shiseido, Tannenbaum Helpern Syracuse & Hirschtritt,
																					Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,398		101.86		16,144		-		16,144	Bank of America, F45 Training
			100.0	%		69.0	%		69.0	%		29,513		72.53		591,736		-		591,736
712 Fifth Avenue
	Office		50.0	%		82.0	%		78.2	%		44,924		122.48		469,077		-		469,077	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		24.1	%		24.1	%		8,187		455.10		74,423		-		74,423	Harry Winston
			50.0	%		74.0	%		70.8	%		53,111		137.99		543,500		-		543,500
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,929		324.53		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,643,651		1,643,651
	New York:
	Weighted average					84.9	%		80.9	%	$	494,303	$	88.51		7,039,846		1,643,651		8,683,497
	PGRE's share					85.0	%		80.8	%	$	438,851	$	85.63		6,491,694		82,347		6,574,041

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

(2)Represents office and retail space only.

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

- 43 -

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	%		90.7	%		90.7	%	$	159,033	$	113.05		1,556,075		-		1,556,075	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		60.5	%		60.5	%		4,357		74.66		53,874		-		53,874	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		89.7	%		89.7	%		163,390		112.24		1,609,949		-		1,609,949
300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		49,336		101.09		604,837		-		604,837	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,372		75.54		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		52,708		99.00		654,009		-		654,009
One Front Street
	Office		100.0	%		76.0	%		76.0	%		44,123		91.93		632,049		-		632,049	JPMorgan Chase, Coinbase, JLL, Cigna
	Retail		100.0	%		89.0	%		89.0	%		1,113		92.28		13,232		-		13,232	JPMorgan Chase
			100.0	%		76.3	%		76.3	%		45,236		91.94		645,281		-		645,281
55 Second Street
	Office		44.1	%		85.4	%		85.4	%		26,992		85.58		369,935		-		369,935	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		929		113.17		7,482		-		7,482	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.7	%		85.7	%		27,921		86.22		377,417		-		377,417
Market Center (3)
	Office		67.0	%		45.4	%		45.4	%		29,602		87.72		744,243		-		744,243	Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		0.6	%		0.6	%		155		-		6,127		-		6,127
			67.0	%		45.1	%		45.1	%		29,757		87.72		750,370		-		750,370
111 Sutter Street (3)
	Office		49.0	%		53.1	%		53.1	%		11,942		91.80		247,010		-		247,010	Turo, Natural Resources Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,699		66.82		29,358		-		29,358	24 Hour Fitness
			49.0	%		56.7	%		56.7	%		13,641		87.73		276,368		-		276,368
	San Francisco:
	Weighted average					76.2	%		76.2	%	$	332,653	$	100.79		4,313,394		-		4,313,394
	PGRE's share					74.2	%		74.2	%	$	180,623	$	99.34		2,442,162		-		2,442,162

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

(2)Represents office and retail space only.

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

- 44 -

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, 2024		Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase	One Front Street	Jun-2025		219,180			219,180		$	18,990	$	86.30		3.1	%
			Jun-2027		18,148			18,148			1,678		92.46		0.3	%
			Dec-2029		81,525			81,525			8,606		105.56		1.3	%
			Dec-2030		25,157			25,157			2,451		96.87		0.4	%
					344,010			344,010			31,725		91.96		5.1	%
	Allianz	1633 Broadway	Jan-2031		320,911			288,823			29,274		101.36		4.7	%
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,317		92.46		1.7	%
			Sep-2034		179,286			179,286			18,031		96.19		2.9	%
					290,875			290,875			28,348		94.76		4.6	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829			234,749			20,528		87.45		3.3	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250			259,428			20,351		77.42		3.3	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196			227,879			17,877		76.73		2.9	%
	Google	One Market Plaza	Apr-2025		339,833			166,518			16,647		99.53		2.7	%
	Wilson Sonsini	1301 Avenue of the Americas	Aug-2025		61,048			61,048			6,320		103.53		1.1	%
		One Market Plaza	Oct-2032		84,224			41,270			4,979		120.67		0.8	%
		31 West 52nd Street	Mar-2041		26,451	(3)		26,451	(3)		2,143		81.02		0.3	%
					171,723			128,769			13,442		104.39		2.2	%
	O'Melveny & Myers	1301 Avenue of the Americas	Feb-2040		160,708	(4)		160,708	(4)		12,908		80.00		2.1	%
	Credit Agricole	1301 Avenue of the Americas	Apr-2035		159,308			159,308			12,181		75.06		2.0	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of September 30, 2024		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,516,732		21.5	%	$	135,123		21.8	%
	Technology and Media		1,430,180		20.3	%		124,357		20.1	%
	Financial Services - Commercial and Investment Banking		1,233,184		17.5	%		107,495		17.4	%
	Financial Services, all others		1,095,393		15.5	%		106,641		17.2	%
	Insurance		400,965		5.7	%		39,687		6.4	%
	Retail		160,062		2.2	%		18,534		3.0	%
	Travel and Leisure		187,429		2.7	%		12,860		2.1	%
	Consumer Products		121,732		1.7	%		10,477		1.7	%
	Other Professional Services		109,369		1.6	%		10,207		1.6	%
	Other		800,567		11.3	%		54,093		8.7	%

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

(2)Represents office and retail space only.

(3)Excludes 105,756 square feet that is leased through March 2041 but is not currently occupied.

(4)Excludes 38,014 square feet that is leased through February 2040 but is not currently occupied.

- 45 -

LEASING ACTIVITY (1)

(unaudited)

	Total	New York	San Francisco
Three Months Ended September 30, 2024
Total square feet leased	179,403 (2)	72,374	107,029 (2)
PGRE's share of total square feet leased:	115,026	54,489	60,537
Initial rent (3)	$ 84.55	$ 81.76	$ 87.06
Weighted average lease term (in years)	8.1	13.6	3.1
Tenant improvements and leasing commissions:
Per square foot	$ 72.72	$ 138.15	$ 13.83
Per square foot per annum	$ 9.03	$ 10.17	$ 4.50
Percentage of initial rent	10.7%	12.4%	5.2%
Rent concessions:
Average free rent period (in months)	7.3	12.0	3.1
Average free rent period per annum (in months)	0.9	0.9	1.0
Second generation space: (3)
Square feet	96,320	35,783	60,537
Cash basis:
Initial rent (3)	$ 82.97	$ 76.06	$ 87.06
Prior escalated rent (3)	$ 92.58	$ 87.12	$ 95.81
Percentage decrease	(10.4%)	(12.7%)	(9.1%)
GAAP basis:
Straight-line rent	$ 81.00	$ 76.86	$ 83.45
Prior straight-line rent	$ 84.57	$ 84.16	$ 84.82
Percentage decrease	(4.2%)	(8.7%)	(1.6%)

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

(2)Includes an aggregate of 46,312 square feet leased at Market Center and 111 Sutter Street, which have been designated as “non-core” assets and accordingly excluded from the statistics below.

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

- 46 -

LEASING ACTIVITY (1)

(unaudited)

	Total	New York	San Francisco
Nine Months Ended September 30, 2024
Total square feet leased	654,625 (2)	367,236	287,389 (2)
PGRE's share of total square feet leased:	444,140	322,601	121,539
Initial rent (3)	$ 74.94	$ 73.97	$ 77.49
Weighted average lease term (in years)	8.2	10.4	2.4
Tenant improvements and leasing commissions:
Per square foot	$ 90.37	$ 120.81	$ 9.55
Per square foot per annum	$ 11.02	$ 11.63	$ 3.97
Percentage of initial rent	14.7%	15.7%	5.1%
Rent concessions:
Average free rent period (in months)	6.2	7.9	1.6
Average free rent period per annum (in months)	0.8	0.8	0.7
Second generation space: (3)
Square feet	290,157	168,618	121,539
Cash basis:
Initial rent (3)	$ 74.22	$ 71.86	$ 77.49
Prior escalated rent (3)	$ 78.13	$ 73.83	$ 84.10
Percentage decrease	(5.0%)	(2.7%)	(7.9%)
GAAP basis:
Straight-line rent	$ 72.01	$ 69.38	$ 75.65
Prior straight-line rent	$ 78.69 (4)	$ 72.40	$ 87.43 (4)
Percentage decrease	(8.5%) (4)	(4.2%)	(13.5%) (4)

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

(2)Includes an aggregate of 88,346 square feet leased at Market Center and 111 Sutter Street, which have been designated as “non-core” assets and accordingly excluded from the statistics below.

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

(4)The negative mark-to-market 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 3.4% for the total portfolio and negative 2.3% for San Francisco.

- 47 -

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			8,683		6,275	$	698	$	-		0.1	%
	4Q 2024			36,339		20,853		1,740		83.55		0.3	%
	1Q 2025			84,591		65,963		5,900		89.85		0.9	%
	2Q 2025			503,225		297,522		29,858		100.21		4.7	%
	3Q 2025			363,777		357,122		31,256		87.46		4.8	%
	4Q 2025			360,127		206,342		19,680		95.39		3.1	%
	Total 2025			1,311,720		926,949		86,694		93.48		13.5	%
		2026		1,522,156		1,017,917		92,016		88.05		14.4	%
		2027		344,183		264,404		24,508		92.37		3.8	%
		2028		411,285		308,684		25,630		83.05		4.0	%
	Thereafter			5,627,540		4,782,806		408,583		88.29		63.9	%
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			7,181		5,393	$	632	$	-		0.1	%
	4Q 2024			19,305		11,836		896		75.85		0.1	%
	1Q 2025			66,431		55,727		4,866		87.32		0.8	%
	2Q 2025			496,116		292,759		29,353		100.12		4.8	%
	3Q 2025			363,757		357,109		31,247		87.46		5.1	%
	4Q 2025			360,127		206,342		19,680		95.39		3.2	%
	Total 2025			1,286,431		911,937		85,146		93.30		13.9	%
		2026		1,432,540		960,210		86,548		87.68		14.1	%
		2027		284,752		231,673		21,153		90.94		3.4	%
		2028		217,633		184,194		15,585		84.61		2.5	%
	Thereafter			5,519,217		4,719,305		403,288		88.36		65.9	%

(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.

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

- 48 -

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			3,056		2,881	$	416	$	-		0.1	%
	4Q 2024			19,013		11,693		882		75.46		0.2	%
	1Q 2025			25,647		16,887		1,442		85.38		0.3	%
	2Q 2025			118,259		107,887		10,522		97.45		2.3	%
	3Q 2025			131,563		125,152		11,156		89.14		2.4	%
	4Q 2025			161,710		130,079		12,472		95.88		2.7	%
	Total 2025			437,179		380,005		35,592		93.64		7.7	%
		2026		656,500		607,099		50,090		78.47		10.9	%
		2027		187,349		168,997		14,798		87.05		3.2	%
		2028		118,584		98,024		7,551		76.71		1.6	%
	Thereafter			4,554,001		4,248,234		350,725		85.61		76.3	%

(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 space in the following quarter.

(3)Represents office and retail space only.

- 49 -

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			5,627		3,394	$	282	$	-		0.2	%
	4Q 2024			17,326		9,160		858		93.92		0.5	%
	1Q 2025			58,944		49,076		4,458		91.40		2.5	%
	2Q 2025			384,966		189,635		19,336		101.80		10.8	%
	3Q 2025			232,214		231,970		20,100		86.55		11.2	%
	4Q 2025			198,417		76,263		7,208		94.55		4.0	%
	Total 2025			874,541		546,944		51,102		93.36		28.5	%
		2026		865,656		410,818		41,926		102.06		23.3	%
		2027		156,834		95,407		9,710		101.66		5.4	%
		2028		292,701		210,660		18,079		86.01		10.0	%
	Thereafter			1,073,539		534,572		57,858		108.27		32.1	%
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			4,125		2,512	$	216	$	-		0.1	%
	4Q 2024			292		143		14		117.49		-
	1Q 2025			40,784		38,840		3,424		88.17		2.2	%
	2Q 2025			377,857		184,872		18,831		101.69		12.3	%
	3Q 2025			232,194		231,957		20,091		86.55		13.1	%
	4Q 2025			198,417		76,263		7,208		94.55		4.7	%
	Total 2025			849,252		531,932		49,554		93.05		32.3	%
		2026		776,040		353,111		36,458		103.37		23.8	%
		2027		97,403		62,676		6,355		101.27		4.1	%
		2028		99,049		86,170		8,034		93.64		5.2	%
	Thereafter			965,216		471,071		52,563		111.65		34.5	%

(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.

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

- 50 -

CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Three Months Ended September 30, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	13,035		$	10,501		$	2,491		$	43
Second generation tenant improvements		5,377			5,377			-			-
Second generation leasing commissions		6,214			5,615			599			-
Total Capital Expenditures		24,626			21,493			3,090			43
Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,273	)		(152	)		(1,121	)		-
PGRE's share of Total Capital Expenditures	$	23,353		$	21,341		$	1,969		$	43
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	2,373		$	2,373		$	-		$	-
Other		636			636			-			-
Total Redevelopment Expenditures		3,009			3,009			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	3,009		$	3,009		$	-		$	-
	Three Months Ended September 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
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
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): (2)
Paramount Club	$	5,324		$	5,324		$	-		$	-
Other		28			28			-			-
Total Redevelopment Expenditures		5,352			5,352			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	5,352		$	5,352		$	-		$	-

(1)Excludes Market Center and 111 Sutter Street.

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

- 51 -

CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Nine Months Ended September 30, 2024
	Total (1)			New York			San Francisco (1)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
Expenditures to maintain assets	$	33,161		$	25,749		$	7,336		$	76
Second generation tenant improvements		40,819			35,254			5,565			-
Second generation leasing commissions		7,956			7,027			929			-
Total Capital Expenditures		81,936			68,030			13,830			76
Amounts attributable to noncontrolling interests in consolidated joint ventures		(6,787	)		(571	)		(6,216	)		-
PGRE's share of Total Capital Expenditures	$	75,149		$	67,459		$	7,614		$	76
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (2)
Paramount Club	$	12,190		$	12,190		$	-		$	-
Other		951			951			-			-
Total Redevelopment Expenditures		13,141			13,141			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	13,141		$	13,141		$	-		$	-
	Nine Months Ended September 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (2)
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
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): (2)
Paramount Club	$	14,249		$	14,249		$	-		$	-
Other		896			896			-			-
Total Redevelopment Expenditures		15,145			15,145			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	15,145		$	15,145		$	-		$	-

(1)Excludes Market Center and 111 Sutter Street.

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

- 52 -

RESEARCH COVERAGE (1)

(1)

Thomas Catherwood	Steve Sakwa	Dylan Burzinski
BTIG	Evercore ISI	Green Street Advisors
(212) 738-6140	(212) 446-9462	(949) 640-8780
tcatherwood@btig.com	steve.sakwa@evercoreisi.com	dburzinski@greenstreet.com
Vikram Malhotra	Ronald Kamdem	Blaine Heck
Mizuho Securities USA Inc.	Morgan Stanley	Wells Fargo
(212) 282-3827	(212) 296-8319	(443) 263-6529
vikram.malhotra@mizuhogroup.com	ronald.kamdem@morganstanley.com	blaine.heck@wellsfargo.com
Andrew Rosivach
Wolfe Research
(646) 582-9250
arosivach@wolferesearch.com

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

- 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. 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 paid 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.

- 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.

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.

- 55 -

XML

Document and Entity Information	Oct. 30, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001605607
Document Type	8-K
Document Period End Date	Oct. 30, 2024
Entity Registrant Name	Paramount Group, Inc.
Entity Incorporation State Country Code	MD
Entity File Number	001-36746
Entity Tax Identification Number	32-0439307
Entity Address, Address Line One	1633 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	237-3100
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common stock of Paramount Group, Inc., $0.01 par value per share
Trading Symbol	PGRE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false