Exhibit 99.2

FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of tariffs, geopolitical tensions and elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. All forward-looking statements are made only as of July 30, 2025. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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TABLE OF CONTENTS

		Page
Overview
	Company Profile	4
	Common Share Data	5
	Guidance & Assumptions	6
Selected Financial Information
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations (“FFO”)	11
	Funds Available for Distribution (“FAD”)	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)	13
	Net Operating Income (“NOI”)	14 - 16
	Same Store NOI (by Reportable Segment)	17 - 20
Joint Ventures
	Consolidated Joint Ventures	21 - 26
	Unconsolidated Joint Ventures	27 - 32
Debt and Capitalization Data
	Capital Structure	33
	Debt Summary	34
Selected Property Data
	Portfolio Summary	35 - 37
	Top Tenants and Industry Diversification	38
	Leasing Activity	39 - 40
	Lease Expirations	41 - 43
	Capital Expenditures (Cash Basis)	44 - 45
Research Coverage		46
Definitions		47 - 48

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COMPANY PROFILE

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

MANAGEMENT

Albert Behler	Chairman, Chief Executive Officer and President
Ermelinda Berberi	Executive Vice President, Chief Financial Officer and Treasurer
Peter Brindley	Executive Vice President, Head of Real Estate
Timothy Dembo	Senior Vice President, General Counsel and Secretary
Bhavesh Raval	Senior Vice President, Chief Accounting Officer

BOARD OF DIRECTORS

Albert Behler	Director, Chairman of the Board
Frederic Arndts	Director
Martin Bussmann	Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Karin Klein	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

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COMMON SHARE DATA

(unaudited)

		Three Months Ended
Share Price:		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
	High	$	6.62	$	5.09	$	5.44	$	5.47	$	5.10
	Low	$	3.75	$	3.96	$	4.59	$	4.49	$	4.30
	Closing (end of period)	$	6.10	$	4.30	$	4.94	$	4.92	$	4.63
Dividends declared per common share (1)		$	-	$	-	$	-	$	-	$	0.035
Annualized dividends per common share		N/A		N/A		N/A		N/A		$	0.14
Dividend yield (on closing share price)		N/A		N/A		N/A		N/A			3.0	%

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

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GUIDANCE

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

										Change at the
				Full Year 2025						Midpoint of
(Amounts per diluted share)				Low			High			Prior Guidance
			Estimated net loss attributable to common stockholders	$	(0.37	)	$	(0.33	)
			Our share of real estate depreciation and amortization		0.87			0.87
			Estimated FFO (1)		0.50			0.54
			Adjustments for non-core items (2)		0.05			0.05
			Estimated Core FFO (1)(3)	$	0.55		$	0.59		$	0.03
	Operating Assumptions:
		Leasing Activity (square feet)			1,200,000			1,400,000			300,000
		PGRE's share of Same Store Leased % (1) at year end			86.9	%		88.9	%		2.5	%
		Decrease in PGRE's share of Same Store Cash NOI (1)			(6.0	%)		(10.0	%)		1.0	%
		Decrease in PGRE's share of Same Store NOI (1)			(8.0	%)		(12.0	%)		1.0	%
	Financial Assumptions (at share):
		Estimated net loss		$	(88,000	)	$	(78,000	)	$	(5,500	)
			Depreciation and amortization		205,000			205,000			-
			General and administrative expenses		62,500			60,500			(4,000	)
			Interest and debt expense, including amortization of deferred financing costs		145,500			143,500			1,000
			Fee and other income, net of income taxes		(30,500	)		(31,500	)		(2,000	)
			Non-core items (2)		12,000			12,000			12,000
		NOI (1)			306,500			311,500			1,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(6,500	)		(7,500	)		2,000
		Cash NOI (1)		$	300,000		$	304,000		$	3,500

(1)See page 47 for our definition of this measure.

(2)Represents non-core items for the six months ended June 30, 2025, 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 2025, which may include realized and unrealized gains or losses on real estate fund investments, acquisition and transaction related costs, and other items that are not included in Core FFO.

(3)We are raising and narrowing our Estimated Core FFO Guidance for the full year of 2025, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”). Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on July 30, 2025 and otherwise to be referenced during our conference call scheduled for July 31, 2025. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

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FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Six Months Ended
SELECTED FINANCIAL DATA		June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
	Net (loss) income per share - basic and diluted	$	(0.09	)	$	(0.04	)	$	(0.05	)	$	(0.14	)	$	0.01
	Core FFO (1) per share - diluted	$	0.17		$	0.20		$	0.17		$	0.34		$	0.42
	PGRE's share of Adjusted EBITDAre (1)	$	75,387		$	82,032		$	77,907		$	153,294		$	168,953
	PGRE's share of Cash NOI (1)	$	82,676		$	86,543		$	83,677		$	166,353		$	175,520
	PGRE's share of NOI (1)	$	82,361		$	90,636		$	86,788		$	169,149		$	184,219

Same Store % Change	Same Store Cash NOI (1)	Same Store NOI (1)
Three Months Ended June 30, 2025 vs. 2024	0.5%	(4.6%)
Six Months Ended June 30, 2025 vs. 2024	(1.8%)	(5.0%)

PORTFOLIO STATISTICS (at PGRE’s Share)

					% Change
					June 30, 2025	June 30, 2025	June 30, 2025
	2025		2024		vs.	vs.	vs.
Same Store Leased % (1)	June 30,	March 31,	December 31,	June 30,	March 31, 2025	December 31, 2024	June 30, 2024
New York	88.1%	87.4%	85.0%	86.9%	0.7%	3.1%	1.2%
San Francisco	75.1%	82.3%	83.8%	84.2%	(7.2%)	(8.7%)	(9.1%)
Weighted Average	85.4%	86.2%	84.8%	86.3%	(0.8%)	0.6%	(0.9%)

(1)See page 47 for our definition of this measure.

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CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237		$	1,966,237
		Buildings and improvements		6,351,241			6,348,260			6,325,097			6,290,976			6,276,347
				8,317,478			8,314,497			8,291,334			8,257,213			8,242,584
		Accumulated depreciation and amortization		(1,692,997	)		(1,675,242	)		(1,639,529	)		(1,596,069	)		(1,550,341	)
	Real estate, net			6,624,481			6,639,255			6,651,805			6,661,144			6,692,243
	Cash and cash equivalents			439,905			426,952			375,056			318,725			307,461
	Restricted cash			219,660			187,055			180,391			173,510			164,639
	Accounts and other receivables			23,824			20,496			18,229			18,662			13,917
	Investments in unconsolidated real estate related funds			4,397			4,678			4,649			4,607			4,536
	Investments in unconsolidated joint ventures			84,501			81,142			85,952			128,919			130,087
	Deferred rent receivable			351,331			355,581			356,425			355,555			353,769
	Deferred charges, net			116,913			106,306			100,684			103,858			105,812
	Intangible assets, net			43,724			46,983			50,492			54,125			57,612
	Other assets			49,977			79,030			47,820			71,847			71,788
Total assets			$	7,958,713		$	7,947,478		$	7,871,503		$	7,890,952		$	7,901,864
Liabilities:
	Notes and mortgages payable, net		$	3,680,857		$	3,678,893		$	3,676,630		$	3,674,367		$	3,672,103
	Accounts payable and accrued expenses			115,688			114,074			119,881			114,808			110,789
	Dividends and distributions payable			-			-			-			-			8,382
	Intangible liabilities, net			17,804			19,301			20,870			22,465			24,125
	Other liabilities			41,966			34,279			44,625			27,906			30,802
Total liabilities				3,856,315			3,846,547			3,862,006			3,839,546			3,846,201
Equity:
	Paramount Group, Inc. equity			3,028,442			3,087,151			3,141,277			3,173,867			3,181,913
	Noncontrolling interests in:
		Consolidated joint ventures		743,127			664,249			495,340			492,135			485,983
		Consolidated real estate related funds		84,743			84,644			82,875			92,759			93,340
		Operating Partnership		246,086			264,887			290,005			292,645			294,427
Total equity				4,102,398			4,100,931			4,009,497			4,051,406			4,055,663
Total liabilities and equity			$	7,958,713		$	7,947,478		$	7,871,503		$	7,890,952		$	7,901,864

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CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended											Six Months Ended
		June 30, 2025				June 30, 2024			March 31, 2025				June 30, 2025				June 30, 2024
Revenues:
	Rental revenue (1)	$	168,033			$	179,678		$	179,021			$	347,054			$	359,401
	Fee and other income (1)		9,012				7,730			7,998				17,010				16,884
Total revenues			177,045				187,408			187,019				364,064				376,285
Expenses:
	Operating		74,884				74,192			78,050				152,934				145,932
	Depreciation and amortization		60,062				61,735			58,879				118,941				122,849
	General and administrative (1)		24,311				16,632			17,461				41,772				33,266
	Transaction related costs		709				423			150				859				601
Total expenses			159,966				152,982			154,540				314,506				302,648
Other income (expense):
	Loss from real estate related fund investments		(23	)			(27	)		(26	)			(49	)			(70	)
	(Loss) income from unconsolidated real estate related funds		(224	)			(15	)		74				(150	)			90
	Income (loss) from unconsolidated joint ventures		52				(771	)		1,907				1,959				(2,117	)
	Interest and other income, net		4,026				3,893			3,815				7,841				23,313		(2)
	Interest and debt expense		(42,284	)	(3)		(40,004	)		(43,200	)	(3)		(85,484	)	(3)		(80,273	)
(Loss) income before income taxes			(21,374	)			(2,498	)		(4,951	)			(26,325	)			14,580
	Income tax benefit (expense)		965				(362	)		(366	)			599				(709	)
Net (loss) income			(20,409	)			(2,860	)		(5,317	)			(25,726	)			13,871
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(971	)			(6,269	)		(3,845	)			(4,816	)			(11,475	)
	Consolidated real estate related funds		(99	)			589			(1,769	)			(1,868	)			(173	)
	Operating Partnership		1,694				721			905				2,599				(177	)
Net (loss) income attributable to common stockholders		$	(19,785	)		$	(7,819	)	$	(10,026	)		$	(29,811	)		$	2,046
	Per diluted share	$	(0.09	)		$	(0.04	)	$	(0.05	)		$	(0.14	)		$	0.01

(1)See page 10 for details.

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

(3)Includes $462 and $1,289 in the three months ended June 30, 2025 and March 31, 2025, respectively, and $1,751 in the six months ended June 30, 2025 of expense from the non-cash write-off of deferred financing costs in connection with the termination of our revolving credit facility.

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SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended								Six Months Ended
Rental Revenue:		June 30, 2025			June 30, 2024		March 31, 2025			June 30, 2025			June 30, 2024
	Property rentals	$	155,344		$	157,178	$	159,204		$	314,548		$	314,773
	Tenant reimbursements		14,831			19,375		17,668			32,499			36,365
	Straight-line rent adjustments		(4,126	)		464		(472	)		(4,598	)		3,318
	Amortization of above and below-market leases, net		1,376			1,632		1,453			2,829			2,972
	Lease termination income		608			1,029		1,168			1,776			1,973
Total rental revenue		$	168,033		$	179,678	$	179,021		$	347,054		$	359,401

		Three Months Ended						Six Months Ended
Fee and Other Income:		June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
	Asset management	$	1,911	$	2,317	$	1,869	$	3,780	$	4,622
	Property management		1,386		1,657		1,513		2,899		3,401
	Acquisition, disposition, leasing and other		923		330		1,643		2,566		2,529
	Total fee income		4,220		4,304		5,025		9,245		10,552
	Other (primarily parking income and tenant requested services,     including cleaning and overtime heating and cooling)		4,792		3,426		2,973		7,765		6,332
Total fee and other income		$	9,012	$	7,730	$	7,998	$	17,010	$	16,884

		Three Months Ended						Six Months Ended
General and administrative:		June 30, 2025		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2024
	Cash general and administrative	$	12,701	$	11,564	$	13,709	$	26,410	$	22,004
	Non-cash general and administrative - stock-based     compensation expense		3,422		5,068		3,752		7,174		11,262
	Severance costs (1)		8,188		-		-		8,188		-
Total general and administrative		$	24,311	$	16,632	$	17,461	$	41,772	$	33,266

(1)Includes $3,750 of cash payments and $4,438 of non-cash expense in connection with the accelerated vesting of equity awards.

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FFO

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

			Three Months Ended									Six Months Ended
			June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(20,409	)	$	(2,860	)	$	(5,317	)	$	(25,726	)	$	13,871
	Real estate depreciation and amortization (including our share of     unconsolidated joint ventures)			63,113			65,035			61,902			125,015			129,459
	Amounts attributable to noncontrolling interests in consolidated joint     ventures and real estate related funds			(13,404	)		(15,585	)		(16,377	)		(29,781	)		(31,470	)
	FFO attributable to the Operating Partnership			29,300			46,590			40,208			69,508			111,860
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(2,310	)		(3,935	)		(3,328	)		(5,638	)		(9,384	)
	FFO attributable to common stockholders (1)		$	26,990		$	42,655		$	36,880		$	63,870		$	102,476
	Per diluted share		$	0.12		$	0.20		$	0.17		$	0.29		$	0.47
	FFO attributable to the Operating Partnership		$	29,300		$	46,590		$	40,208		$	69,508		$	111,860
	Adjustments for non-core items:
		Severance costs		8,188			-			-			8,188			-
		Write-off of deferred financing costs		462			-			1,289			1,751			-
		Non-cash gain on extinguishment of IPO related tax liability		-			-			-			-			(15,437	)
		Other, net (primarily transaction related costs)		2,138			845			(187	)		1,951			3,316
	Core FFO attributable to the Operating Partnership			40,088			47,435			41,310			81,398			99,739
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(3,161	)		(4,007	)		(3,419	)		(6,580	)		(8,373	)
	Core FFO attributable to common stockholders (1)		$	36,927		$	43,428		$	37,891		$	74,818		$	91,366
	Per diluted share		$	0.17		$	0.20		$	0.17		$	0.34		$	0.42
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			219,216,715			217,204,870			218,005,447			218,614,427			217,155,278
	Effect of dilutive securities			25,422			27,125			68,946			46,554			53,699
	Denominator for FFO and Core FFO per diluted share			219,242,137			217,231,995			218,074,393			218,660,981			217,208,977

(1)See page 47 for our definition of this measure.

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FAD

(unaudited and in thousands)

			Three Months Ended									Six Months Ended
			June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Reconciliation of Core FFO to FAD:
	Core FFO attributable to the Operating Partnership		$	40,088		$	47,435		$	41,310		$	81,398		$	99,739
	Adjustments to arrive at FAD (including our share of     unconsolidated joint ventures):
		Straight-line rent		4,430			(1,116	)		707			5,137			(4,503	)
		Amortization of above and below-market leases, net		(1,476	)		(1,949	)		(1,554	)		(3,030	)		(3,607	)
		Amortization of deferred financing costs		2,372			2,703			2,427			4,799			5,146
		Amortization of stock-based compensation expense		3,422			5,068			3,752			7,174			11,262
		Expenditures to maintain assets		(13,300	)		(9,182	)		(12,047	)		(25,347	)		(20,126	)
		Second generation tenant improvements     and leasing commissions		(35,903	)		(11,814	)		(35,957	)		(71,860	)		(37,184	)
		Amounts attributable to noncontrolling interests in consolidated     joint ventures and real estate related funds		3,313			(682	)		2,006			5,319			3,629
	FAD attributable to the Operating Partnership			2,946			30,463			644			3,590			54,356
	Amounts attributable to noncontrolling interests in the     Operating Partnership			(232	)		(2,573	)		(53	)		(285	)		(4,568	)
	FAD attributable to common stockholders (1) (2)		$	2,714		$	27,890		$	591		$	3,305		$	49,788
	Dividends paid on common stock (3)		$	-		$	7,607		$	-		$	-		$	15,216

(1)See page 47 for our definition of this measure.

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

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

- 12 -

EBITDAre

(unaudited and in thousands)

			Three Months Ended									Six Months Ended
			June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Reconciliation of net (loss) income to EBITDAre and    Adjusted EBITDAre:
	Net (loss) income		$	(20,409	)	$	(2,860	)	$	(5,317	)	$	(25,726	)	$	13,871
	Adjustments to arrive at EBITDAre (including our share of     unconsolidated joint ventures):
		Depreciation and amortization		63,113			65,035			61,902			125,015			129,459
		Interest and debt expense		44,534			42,258			45,440			89,974			85,045
		Income tax (benefit) expense		(965	)		363			374			(591	)		714
		Amounts attributable to noncontrolling interests in     consolidated joint ventures and real estate related funds		(21,171	)		(23,566	)		(24,260	)		(45,431	)		(47,504	)
	PGRE's share of EBITDAre (1)		$	65,102		$	81,230		$	78,139		$	143,241		$	181,585
	Adjustments to arrive at Adjusted EBITDAre:
		Severance costs		8,188			-			-			8,188			-
		Non-cash gain on extinguishment of IPO related     tax liability		-			-			-			-			(15,437	)
		Other, net (primarily transaction related costs)		2,097			802			(232	)		1,865			2,805
	PGRE's share of Adjusted EBITDAre (1)		$	75,387		$	82,032		$	77,907		$	153,294		$	168,953

(1)See page 47 for our definition of this measure.

- 13 -

NOI

(unaudited and in thousands)

			Three Months Ended									Six Months Ended
			June 30, 2025			June 30, 2024			March 31, 2025			June 30, 2025			June 30, 2024
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(20,409	)	$	(2,860	)	$	(5,317	)	$	(25,726	)	$	13,871
	Adjustments to arrive at NOI:
		Fee income		(4,220	)		(4,304	)		(5,025	)		(9,245	)		(10,552	)
		Depreciation and amortization		60,062			61,735			58,879			118,941			122,849
		General and administrative		24,311			16,632			17,461			41,772			33,266
		(Income) loss from unconsolidated joint ventures		(52	)		771			(1,907	)		(1,959	)		2,117
		NOI from unconsolidated joint ventures (excluding     One Steuart Lane)		5,036			5,625			4,927			9,963			11,227
		Interest and other income, net		(4,026	)		(3,893	)		(3,815	)		(7,841	)		(23,313	)
		Interest and debt expense		42,284			40,004			43,200			85,484			80,273
		Income tax (benefit) expense		(965	)		362			366			(599	)		709
		Other, net		956			465			102			1,058			581
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(20,616	)		(23,901	)		(22,083	)		(42,699	)		(46,809	)
	PGRE's share of NOI (1)		$	82,361		$	90,636		$	86,788		$	169,149		$	184,219
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated     joint ventures)		4,430			(1,116	)		707			5,137			(4,503	)
		Amortization of above and below-market leases, net     (including our share of unconsolidated joint ventures)		(1,476	)		(1,949	)		(1,554	)		(3,030	)		(3,607	)
		Amounts attributable to noncontrolling interests in     consolidated joint ventures		(2,639	)		(1,028	)		(2,264	)		(4,903	)		(589	)
	PGRE's share of Cash NOI (1)		$	82,676		$	86,543		$	83,677		$	166,353		$	175,520

(1)See page 47 for our definition of this measure.

- 14 -

NOI

(unaudited and in thousands)

			Three Months Ended June 30, 2025
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(20,409	)	$	(10,825	)	$	11,472		$	(21,056	)
	Adjustments to arrive at NOI:
		Fee income		(4,220	)		-			-			(4,220	)
		Depreciation and amortization		60,062			40,063			18,917			1,082
		General and administrative		24,311			-			-			24,311
		(Income) loss from unconsolidated joint ventures		(52	)		(60	)		-			8
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		5,036			3,306			1,680			50
		Interest and other income, net		(4,026	)		(915	)		(588	)		(2,523	)
		Interest and debt expense		42,284			29,918			11,775			591
		Income tax benefit		(965	)		(2	)		-			(963	)
		Other, net		956			-			-			956
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(20,616	)		(3,462	)		(17,154	)		-
	PGRE's share of NOI (1) for the three months ended June 30, 2025		$	82,361		$	58,023		$	26,102		$	(1,764	)
	PGRE's share of NOI (1) for the three months ended June 30, 2024		$	90,636		$	63,396		$	28,158		$	(918	)
	PGRE's share of NOI for the three months ended June 30, 2025		$	82,361		$	58,023		$	26,102		$	(1,764	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		4,430			(225	)		4,690			(35	)
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(1,476	)		(730	)		(746	)		-
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(2,639	)		(484	)		(2,155	)		-
	PGRE's share of Cash NOI (1) for the three months ended June 30, 2025		$	82,676		$	56,584		$	27,891		$	(1,799	)
	PGRE's share of Cash NOI (1) for the three months ended June 30, 2024		$	86,543		$	58,084		$	29,554		$	(1,095	)

(1)See page 47 for our definition of this measure.

- 15 -

NOI

(unaudited and in thousands)

			Six Months Ended June 30, 2025
			Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income		$	(25,726	)	$	(21,039	)	$	29,377		$	(34,064	)
	Adjustments to arrive at NOI:
		Fee income		(9,245	)		-			-			(9,245	)
		Depreciation and amortization		118,941			79,877			36,879			2,185
		General and administrative		41,772			-			-			41,772
		Income from unconsolidated joint ventures		(1,959	)		(119	)		-			(1,840	)
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		9,963			6,464			3,390			109
		Interest and other income, net		(7,841	)		(1,645	)		(1,145	)		(5,051	)
		Interest and debt expense		85,484			59,843			23,408			2,233
		Income tax (benefit) expense		(599	)		3			6			(608	)
		Other, net		1,058			-			-			1,058
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(42,699	)		(6,708	)		(35,991	)		-
	PGRE's share of NOI (1) for the six months ended June 30, 2025		$	169,149		$	116,676		$	55,924		$	(3,451	)
	PGRE's share of NOI (1) for the six months ended June 30, 2024		$	184,219		$	131,765		$	54,398		$	(1,944	)
	PGRE's share of NOI for the six months ended June 30, 2025		$	169,149		$	116,676		$	55,924		$	(3,451	)
	Adjustments to arrive at Cash NOI:
		Straight-line rent (including our share of unconsolidated joint ventures)		5,137			(3,886	)		8,951			72
		Amortization of above and below-market leases, net (including our share of     unconsolidated joint ventures)		(3,030	)		(1,477	)		(1,553	)		-
		Amounts attributable to noncontrolling interests in consolidated joint ventures		(4,903	)		(839	)		(4,064	)		-
	PGRE's share of Cash NOI (1) for the six months ended June 30, 2025		$	166,353		$	110,474		$	59,258		$	(3,379	)
	PGRE's share of Cash NOI (1) for the six months ended June 30, 2024		$	175,520		$	121,817		$	55,718		$	(2,015	)

(1)See page 47 for our definition of this measure.

- 16 -

SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Three Months Ended June 30, 2025
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended June 30, 2025		$	82,676		$	56,584		$	27,891		$	(1,799	)
		Non-same store adjustments:
		Lease termination income		(504	)		(459	)		(45	)		-
		Other, net		2,444			645			-			1,799
	PGRE's share of Same Store Cash NOI for the three months ended
		June 30, 2025	$	84,616		$	56,770		$	27,846		$	-
			Three Months Ended June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended June 30, 2024		$	86,543		$	58,084		$	29,554		$	(1,095	)
		Non-same store adjustments:
		Dispositions (2)		(2,822	)		(1,341	)		(1,481	)		-
		Lease termination income		(1,029	)		(1,029	)		-			-
		Other, net		1,476			372			9			1,095
	PGRE's share of Same Store Cash NOI for the three months ended
		June 30, 2024	$	84,168		$	56,086		$	28,082		$	-

% Increase (decrease) 0.5 % 1.2 % (0.8 %)

(1)See page 47 for our definition of this measure.

(2)Represents an adjustment to prior period’s Cash NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

- 17 -

SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Six Months Ended June 30, 2025
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the six months ended June 30, 2025		$	166,353		$	110,474		$	59,258		$	(3,379	)
		Non-same store adjustments:
		Lease termination income		(1,672	)		(1,627	)		(45	)		-
		Other, net		4,056			677			-			3,379
	PGRE's share of Same Store Cash NOI for the six months ended
		June 30, 2025	$	168,737		$	109,524		$	59,213		$	-
			Six Months Ended June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the six months ended June 30, 2024		$	175,520		$	121,817		$	55,718		$	(2,015	)
		Non-same store adjustments:
		Dispositions (2)		(4,337	)		(2,856	)		(1,481	)		-
		Lease termination income		(1,973	)		(1,973	)		-			-
		Other, net		2,674			650			9			2,015
	PGRE's share of Same Store Cash NOI for the six months ended
		June 30, 2024	$	171,884		$	117,638		$	54,246		$	-

% (Decrease) increase (1.8 %) (6.9 %) 9.2 %

(1)See page 47 for our definition of this measure.

(2)Represents an adjustment to prior period’s Cash NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

- 18 -

SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Three Months Ended June 30, 2025
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended June 30, 2025		$	82,361		$	58,023		$	26,102		$	(1,764	)
		Non-same store adjustments:
		Lease termination income		(504	)		(459	)		(45	)		-
		Other, net		2,409			645			-			1,764
	PGRE's share of Same Store NOI for the three months ended
		June 30, 2025	$	84,266		$	58,209		$	26,057		$	-
			Three Months Ended June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended June 30, 2024		$	90,636		$	63,396		$	28,158		$	(918	)
		Non-same store adjustments:
		Dispositions (2)		(2,600	)		(1,283	)		(1,317	)		-
		Lease termination income		(1,029	)		(1,029	)		-			-
		Other, net		1,299			372			9			918
	PGRE's share of Same Store NOI for the three months ended
		June 30, 2024	$	88,306		$	61,456		$	26,850		$	-

% Decrease (4.6 %) (5.3 %) (3.0 %)

(1)See page 47 for our definition of this measure.

(2)Represents an adjustment to prior period’s NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

- 19 -

SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1)			Six Months Ended June 30, 2025
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the six months ended June 30, 2025		$	169,149		$	116,676		$	55,924		$	(3,451	)
		Non-same store adjustments:
		Lease termination income		(1,672	)		(1,627	)		(45	)		-
		Other, net		4,128			677			-			3,451
	PGRE's share of Same Store NOI for the six months ended
		June 30, 2025	$	171,605		$	115,726		$	55,879		$	-
			Six Months Ended June 30, 2024
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the six months ended June 30, 2024		$	184,219		$	131,765		$	54,398		$	(1,944	)
		Non-same store adjustments:
		Dispositions (2)		(4,174	)		(2,857	)		(1,317	)		-
		Lease termination income		(1,973	)		(1,973	)		-			-
		Other, net		2,603			650			9			1,944
	PGRE's share of Same Store NOI for the six months ended
		June 30, 2024	$	180,675		$	127,585		$	53,090		$	-

% (Decrease) increase (5.0 %) (9.3 %) 5.3 %

(1)See page 47 for our definition of this measure.

(2)Represents an adjustment to prior period’s NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

- 20 -

CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of June 30, 2025
		Total Consolidated		1633		900 Third		One Market		300 Mission		One Front
		Joint Ventures		Broadway		Avenue (1)		Plaza		Street		Street (2)
PGRE Ownership				90.0%		55.0%		49.0%		31.1%		75.0%
Assets:
	Real estate, net	$	3,944,902	$	1,609,723	$	344,965	$	1,098,519	$	449,090	$	442,605
	Cash and cash equivalents		174,399		107,376		15,216		2,247		36,762		12,798
	Restricted cash		160,519		78		368		160,073		-		-
	Accounts and other receivables		13,552		5,443		1,040		4,175		1,760		1,134
	Deferred rent receivable		202,925		88,016		12,584		69,043		22,750		10,532
	Deferred charges, net		56,853		17,839		10,501		14,110		7,808		6,595
	Intangible assets, net		24,898		22,478		599		1,706		115		-
	Other assets		13,341		1,997		571		7,805		1,466		1,502
Total Assets		$	4,591,389	$	1,852,950	$	385,844	$	1,357,678	$	519,751	$	475,166
Liabilities:
	Notes and mortgages payable, net	$	2,324,074	$	1,245,602	$	-	$	846,650	$	231,822	$	-
	Accounts payable and accrued expenses		59,409		13,167		4,982		24,622		9,719		6,919
	Intangible liabilities, net		10,982		8,833		96		1,447		48		558
	Other liabilities		8,958		954		27		4,839		15		3,123
Total Liabilities			2,403,423		1,268,556		5,105		877,558		241,604		10,600
Equity:
	Paramount Group, Inc. equity		1,444,839		525,513		209,406		235,328		85,622		388,970
	Noncontrolling interests		743,127		58,881		171,333		244,792		192,525		75,596
Total Equity			2,187,966		584,394		380,739		480,120		278,147		464,566
Total Liabilities and Equity		$	4,591,389	$	1,852,950	$	385,844	$	1,357,678	$	519,751	$	475,166

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

(2)On May 5, 2025, we sold a 25.0% equity interest in One Front Street.

- 21 -

CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2024
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,199,972	$	1,630,488	$	1,112,434	$	457,050
	Cash and cash equivalents		140,806		94,690		13,028		33,088
	Restricted cash		127,216		78		127,138		-
	Accounts and other receivables		10,056		6,102		2,995		959
	Deferred rent receivable		192,939		92,753		75,632		24,554
	Deferred charges, net		38,610		19,349		12,477		6,784
	Intangible assets, net		28,569		25,117		2,741		711
	Other assets		7,075		803		5,592		680
Total Assets		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826
Liabilities:
	Notes and mortgages payable, net	$	2,320,880	$	1,245,104	$	844,052	$	231,724
	Accounts payable and accrued expenses		54,820		15,321		27,384		12,115
	Intangible liabilities, net		12,581		9,856		2,427		298
	Other liabilities		5,327		561		4,728		38
Total Liabilities			2,393,608		1,270,842		878,591		244,175
Equity:
	Paramount Group, Inc. equity		856,295		538,232		232,058		86,005
	Noncontrolling interests		495,340		60,306		241,388		193,646
Total Equity			1,351,635		598,538		473,446		279,651
Total Liabilities and Equity		$	3,745,243	$	1,869,380	$	1,352,037	$	523,826

- 22 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 2025
		Total Consolidated			1633			900 Third			One Market			300 Mission			One Front
		Joint Ventures			Broadway			Avenue			Plaza			Street			Street (2)
Total revenues		$	107,718		$	46,883		$	6,394		$	33,591		$	12,754		$	8,096
Total operating expenses			43,520			19,667			3,847			11,868			4,327			3,811
Net operating income (1)			64,198			27,216			2,547			21,723			8,427			4,285
Depreciation and amortization			(34,858	)		(14,046	)		(2,917	)		(10,092	)		(5,733	)		(2,070	)
Interest and other income, net			2,091			859			38			289			302			603
Interest and debt expense			(22,419	)		(9,700	)		-			(10,060	)		(2,659	)		-
Income (loss) before income taxes			9,012			4,329			(332	)		1,860			337			2,818
Income tax benefit			2			2			-			-			-			-
Net income (loss)		$	9,014		$	4,331		$	(332	)	$	1,860		$	337		$	2,818
PGRE's share
Ownership		Total			90.0%			55.0%			49.0%			31.1%			75.0% (2)
	Net income (loss)	$	6,842		$	3,899		$	(181	)	$	907		$	102		$	2,115
	Management fee income		1,201			312			86			170			581			52
	PGRE's share of net income (loss)		8,043			4,211			(95	)		1,077			683			2,167
	Real estate depreciation and amortization		22,524			12,641			1,604			4,945			1,782			1,552
	FFO/Core FFO (1)	$	30,567		$	16,852		$	1,509		$	6,022		$	2,465		$	3,719
Noncontrolling interests' share
Ownership		Total			10.0%			45.0%			51.0%			68.9%			25.0% (2)
	Net income (loss)	$	2,172		$	432		$	(151	)	$	953		$	235		$	703
	Management fee expense		(1,201	)		(312	)		(86	)		(170	)		(581	)		(52	)
	Net income (loss) attributable to noncontrolling interests		971			120			(237	)		783			(346	)		651
	Real estate depreciation and amortization		12,334			1,405			1,313			5,147			3,951			518
	FFO/Core FFO (1)	$	13,305		$	1,525		$	1,076		$	5,930		$	3,605		$	1,169

(1)See page 47 for our definition of these measures.

(2)On May 5, 2025, we sold a 25.0% equity interest in One Front Street. The amounts in this column represent the results of operations from May 5, 2025 through June 30, 2025.

- 23 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	105,619		$	48,371		$	43,048		$	14,200
Total operating expenses			37,146			19,973			12,823			4,350
Net operating income (1)			68,473			28,398			30,225			9,850
Depreciation and amortization			(30,745	)		(15,851	)		(10,848	)		(4,046	)
Interest and other income, net			1,067			772			154			141
Interest and debt expense			(22,420	)		(9,701	)		(10,061	)		(2,658	)
Income before income taxes			16,375			3,618			9,470			3,287
Income tax expense			(87	)		(8	)		(79	)		-
Net income		$	16,288		$	3,610		$	9,391		$	3,287
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	8,861		$	3,247		$	4,597		$	1,017
	Management fee income		1,158			346			215			597
	PGRE's share of net income		10,019			3,593			4,812			1,614
	Real estate depreciation and amortization		20,840			14,266			5,315			1,259
	FFO/Core FFO (1)	$	30,859		$	17,859		$	10,127		$	2,873
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	7,427		$	363		$	4,794		$	2,270
	Management fee expense		(1,158	)		(346	)		(215	)		(597	)
	Net income attributable to noncontrolling interests		6,269			17			4,579			1,673
	Real estate depreciation and amortization		9,905			1,585			5,533			2,787
	FFO/Core FFO (1)	$	16,174		$	1,602		$	10,112		$	4,460

(1)See page 47 for our definition of these measures.

- 24 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2025
		Total Consolidated			1633			900 Third			One Market			300 Mission			One Front
		Joint Ventures			Broadway			Avenue (2)			Plaza			Street			Street (3)
Total revenues		$	214,037		$	96,054		$	12,071		$	71,371		$	26,445		$	8,096
Total operating expenses			85,029			41,354			7,547			23,423			8,894			3,811
Net operating income (1)			129,008			54,700			4,524			47,948			17,551			4,285
Depreciation and amortization			(66,118	)		(28,075	)		(5,253	)		(21,009	)		(9,711	)		(2,070	)
Interest and other income, net			3,324			1,519			54			567			581			603
Interest and debt expense			(44,647	)		(19,297	)		-			(20,031	)		(5,319	)		-
Income (loss) before income taxes			21,567			8,847			(675	)		7,475			3,102			2,818
Income tax expense			(7	)		(3	)		-			(2	)		(2	)		-
Net income (loss)		$	21,560		$	8,844		$	(675	)	$	7,473		$	3,100		$	2,818
PGRE's share
Ownership		Total			90.0%			55.0% (2)			49.0%			31.1%			75.0% (3)
	Net income (loss)	$	14,326		$	7,964		$	(371	)	$	3,658		$	960		$	2,115
	Management fee income		2,418			632			158			403			1,173			52
	PGRE's share of net income (loss)		16,744			8,596			(213	)		4,061			2,133			2,167
	Real estate depreciation and amortization		43,021			25,267			2,889			10,294			3,019			1,552
	FFO/Core FFO (1)	$	59,765		$	33,863		$	2,676		$	14,355		$	5,152		$	3,719
Noncontrolling interests' share
Ownership		Total			10.0%			45.0% (2)			51.0%			68.9%			25.0% (3)
	Net income (loss)	$	7,234		$	880		$	(304	)	$	3,815		$	2,140		$	703
	Management fee expense		(2,418	)		(632	)		(158	)		(403	)		(1,173	)		(52	)
	Net income (loss) attributable to noncontrolling interests		4,816			248			(462	)		3,412			967			651
	Real estate depreciation and amortization		23,097			2,808			2,364			10,715			6,692			518
	FFO/Core FFO (1)	$	27,913		$	3,056		$	1,902		$	14,127		$	7,659		$	1,169

(1)See page 47 for our definition of these measures.

(2)On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue. The amounts in this column represent the results of operations from January 17, 2025 through June 30, 2025.

(3)On May 5, 2025, we sold a 25.0% equity interest in One Front Street. The amounts in this column represent the results of operations from May 5, 2025 through June 30, 2025.

- 25 -

     CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2024
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	208,256		$	97,177		$	83,804		$	27,275
Total operating expenses			71,619			38,591			24,762			8,266
Net operating income (1)			136,637			58,586			59,042			19,009
Depreciation and amortization			(62,253	)		(32,589	)		(21,652	)		(8,012	)
Interest and other income, net			1,955			1,274			428			253
Interest and debt expense			(45,066	)		(19,402	)		(20,344	)		(5,320	)
Income before income taxes			31,273			7,869			17,474			5,930
Income tax expense			(98	)		(16	)		(81	)		(1	)
Net income		$	31,175		$	7,853		$	17,393		$	5,929
PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	17,423		$	7,067		$	8,518		$	1,838
	Management fee income		2,277			687			433			1,157
	PGRE's share of net income		19,700			7,754			8,951			2,995
	Real estate depreciation and amortization		42,431			29,330			10,609			2,492
	FFO/Core FFO (1)	$	62,131		$	37,084		$	19,560		$	5,487
Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	13,752		$	786		$	8,875		$	4,091
	Management fee expense		(2,277	)		(687	)		(433	)		(1,157	)
	Net income attributable to noncontrolling interests		11,475			99			8,442			2,934
	Real estate depreciation and amortization		19,822			3,259			11,043			5,520
	FFO/Core FFO (1)	$	31,297		$	3,358		$	19,485		$	8,454

(1)See page 47 for our definition of these measures.

- 26 -

UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

		As of June 30, 2025
																Non-Core Asset (1)
				712 Fifth			55 Second			60 Wall		One Steuart				111 Sutter
		Total		Avenue			Street			Street (2)		Lane		Other (3)		Street
PGRE Ownership				50.0%			44.1%			5.0%		35.0% (4)		Various		49.0%
Assets:
	Real estate, net	$	1,331,836	$	224,453		$	133,878		$	765,811	$	50	$	141,914	$	65,730
	Cash and cash equivalents		148,413		25,896			30,678			67,986		19,358		2,875		1,620
	Restricted cash		7,245		5,974			-			1		-		-		1,270
	Accounts and other receivables		6,004		5,088			411			-		123		35		347
	Deferred rent receivable		32,884		20,988			4,248			-		-		5,063		2,585
	Deferred charges, net		10,697		8,390			1,557			-		-		-		750
	Intangible assets, net		36,893		-			2,352			-		-		33,860		681
	For-sale residential condominium units		181,203		-			-			-		181,203		-		-
	Other assets		5,309		1,457			559			1,111		254		1,512		416
Total Assets		$	1,760,484	$	292,246		$	173,683		$	834,909	$	200,988	$	185,259	$	73,399
Liabilities:
	Notes and mortgages payable, net	$	1,396,262	$	299,213		$	187,306		$	630,367	$	-	$	104,675	$	174,701
	Accounts payable and accrued expenses		38,062		6,025			4,768			21,549		610		1,616		3,494
	Intangible liabilities, net		2,032		-			1,821			-		-		-		211
	Other liabilities		67,922		163			173			63,955		5		3,392		234
Total Liabilities			1,504,278		305,401			194,068			715,871		615		109,683		178,640
Total Equity			256,206		(13,155	)		(20,385	)		119,038		200,373		75,576		(105,241	)
Total Liabilities and Equity		$	1,760,484	$	292,246		$	173,683		$	834,909	$	200,988	$	185,259	$	73,399

(1)On May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure.

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

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

(4)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, 2024
																Non-Core Assets
				712 Fifth			55 Second			60 Wall		One Steuart				Market			111 Sutter
		Total		Avenue			Street			Street (1)		Lane		Other (2)		Center			Street
PGRE Ownership				50.0%			44.1%			5.0%		35.0% (3)		Various		67.0%			49.0%
Assets:
	Real estate, net	$	1,567,771	$	223,640		$	136,627		$	663,046	$	50	$	143,557	$	264,135		$	136,716
	Cash and cash equivalents		104,982		27,144			26,919			20,388		23,514		2,492		2,700			1,825
	Restricted cash		49,687		5,971			-			28,482		-		-		13,631			1,603
	Accounts and other receivables		7,849		5,135			444			227		123		32		1,253			635
	Deferred rent receivable		42,128		21,697			4,594			-		-		4,476		8,751			2,610
	Deferred charges, net		15,434		8,934			1,639			-		-		-		3,945			916
	Intangible assets, net		42,672		-			3,159			-		-		35,422		3,304			787
	For-sale residential condominium units		195,113		-			-			-		195,113		-		-			-
	Other assets		3,530		45			252			499		202		1,549		792			191
Total Assets		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283
Liabilities:
	Notes and mortgages payable, net	$	1,783,587	$	299,007		$	187,227		$	605,584	$	-	$	106,077	$	416,520		$	169,172
	Accounts payable and accrued expenses		59,860		6,032			4,478			16,455		1,660		1,589		25,694			3,952
	Intangible liabilities, net		2,480		-			2,019			-		-		-		223			238
	Other liabilities		73,129		188			162			66,305		5		2,992		3,232			245
Total Liabilities			1,919,056		305,227			193,886			688,344		1,665		110,658		445,669			173,607
Total Equity			110,110		(12,661	)		(20,252	)		24,298		217,337		76,870		(147,158	)		(28,324	)
Total Liabilities and Equity		$	2,029,166	$	292,566		$	173,634		$	712,642	$	219,002	$	187,528	$	298,511		$	145,283

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

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

(3)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 June 30, 2025
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market				111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center (4)				Street
Total revenues		$	36,325		$	12,272		$	7,318		$	-		$	7,125		(5)	$	3,820		$	3,213			$	2,577
Total operating expenses			17,314			6,016			3,483			24			7,234		(6)		1,372			(2,666	)			1,851
Net operating income (loss) (1)			19,011			6,256			3,835			(24	)		(109	)			2,448			5,879				726
Depreciation and amortization			(10,137	)		(3,881	)		(2,282	)		-			-				(1,092	)		(1,747	)			(1,135	)
Interest and other income, net			1,730			201			206			1,191			119				5			8				-
Interest and debt expense			(15,422	)		(2,674	)		(1,856	)		-			-				(1,033	)		(7,010	)			(2,849	)
Gain on extinguishment of debt			162,517			-			-			-			-				-			162,517		(7)		-
Income (loss) before income taxes			157,699			(98	)		(97	)		1,167			10				328			159,647				(3,258	)
Income tax expense			(3	)		-			-			-			-				(3	)		-				-
Net income (loss)		$	157,696		$	(98	)	$	(97	)	$	1,167		$	10			$	325		$	159,647			$	(3,258	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0% (4)				49.0%
	Net income (loss)	$	105,354		$	(49	)	$	(53	)	$	59		$	3			$	31		$	106,960			$	(1,597	)
	Step-up basis adjustment		(13	)		-			-			-			(11	)			(2	)		-				-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(105,289	)		49			53			-			-				(28	)		(106,960	)	(7)		1,597
	PGRE's share of net income (loss)		52			-			-			59			(8	)			1			-				-
	Real estate depreciation and amortization		3,051			1,941			1,006			-			-				104			-				-
	FFO (1)		3,103			1,941			1,006			59			(8	)			105			-				-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(74	)		(49	)		(53	)		-			-				28			-				-
	FFO attributable to One Steuart Lane		8			-			-			-			8				-			-				-
	Core FFO (1)	$	3,037		$	1,892		$	953		$	59		$	-			$	133		$	-			$	-

(1)See page 47 for our definition of this measure.

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

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

(4)On May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure. The amounts in this column represent the results of operations from April 1, 2025 through May 30, 2025.

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

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

(7)In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements.

- 29 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended June 30, 2024
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market			111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center			Street
Total revenues		$	38,493		$	12,461		$	8,174		$	-		$	1,771		(4)	$	4,352		$	8,136		$	3,599
Total operating expenses			23,921			5,846			3,506			83			4,219		(5)		1,561			6,465			2,241
Net operating income (loss) (1)			14,572			6,615			4,668			(83	)		(2,448	)			2,791			1,671			1,358
Depreciation and amortization			(12,606	)		(3,522	)		(3,199	)		-			-				(1,077	)		(2,833	)		(1,975	)
Interest and other income, net			1,870			212			239			1,190			176				13			36			4
Interest and debt expense			(12,358	)		(2,674	)		(1,856	)		-			-				(1,060	)		(3,632	)		(3,136	)
(Loss) income before income taxes			(8,522	)		631			(148	)		1,107			(2,272	)			667			(4,758	)		(3,749	)
Income tax expense			(9	)		-			(2	)		-			(1	)			(3	)		(3	)		-
Net (loss) income		$	(8,531	)	$	631		$	(150	)	$	1,107		$	(2,273	)		$	664		$	(4,761	)	$	(3,749	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(5,452	)	$	316		$	(60	)	$	56		$	(796	)		$	60		$	(3,192	)	$	(1,836	)
	Step-up basis adjustment		(31	)		-			(3	)		-			(2	)			(26	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		4,712			(316	)		-			-			-				-			3,192			1,836
	PGRE's share of net (loss) income		(771	)		-			(63	)		56			(798	)			34			-			-
	Real estate depreciation and amortization		3,300			1,761			1,413			-			-				126			-			-
	FFO (1)		2,529			1,761			1,350			56			(798	)			160			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		316			316			-			-			-				-			-			-
	FFO attributable to One Steuart Lane		798			-			-			-			798				-			-			-
	Core FFO (1)	$	3,643		$	2,077		$	1,350		$	56		$	-			$	160		$	-		$	-

(1)See page 47 for our definition of this measure.

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

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

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

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

- 30 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2025
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market				111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center (4)				Street
Total revenues		$	87,557		$	24,770		$	14,712		$	-		$	24,597		(5)	$	7,728		$	9,841			$	5,909
Total operating expenses			49,913			12,543			6,999			40			19,600		(6)		2,738			3,657				4,336
Net operating income (loss) (1)			37,644			12,227			7,713			(40	)		4,997				4,990			6,184				1,573
Depreciation and amortization			(20,887	)		(7,775	)		(4,493	)		-			-				(2,173	)		(4,365	)			(2,081	)
Interest and other income, net			3,546			373			401			2,381			358				11			21				1
Interest and debt expense			(34,137	)		(5,319	)		(3,713	)		-			-				(2,089	)		(17,399	)			(5,617	)
Gain on extinguishment of debt			162,517			-			-			-			-				-			162,517		(7)		-
Income (loss) before income taxes			148,683			(494	)		(92	)		2,341			5,355				739			146,958				(6,124	)
Income tax expense			(29	)		-			(17	)		(1	)		(2	)			(4	)		(2	)			(3	)
Net income (loss)		$	148,654		$	(494	)	$	(109	)	$	2,340		$	5,353			$	735		$	146,956			$	(6,127	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0% (4)				49.0%
	Net income (loss)	$	97,205		$	(249	)	$	(58	)	$	118		$	1,873			$	69		$	98,455			$	(3,003	)
	Step-up basis adjustment		(37	)		-			-			-			(33	)			(4	)		-				-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(95,209	)		249			58			-			-				(64	)		(98,455	)	(7)		3,003
	PGRE's share of net income		1,959			-			-			118			1,840				1			-				-
	Real estate depreciation and amortization		6,074			3,888			1,981			-			-				205			-				-
	FFO (1)		8,033			3,888			1,981			118			1,840				206			-				-
	Adjustments to equity in earnings of    unconsolidated joint ventures		(243	)		(249	)		(58	)		-			-				64			-				-
	FFO attributable to One Steuart Lane		(1,840	)		-			-			-			(1,840	)			-			-				-
	Core FFO (1)	$	5,950		$	3,639		$	1,923		$	118		$	-			$	270		$	-			$	-

(1)See page 47 for our definition of this measure.

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

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

(4)On May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure. The amounts in this column represent the results of operations from January 1, 2025 through May 30, 2025.

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

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

(7)In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements.

- 31 -

UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2024
																					Non-Core Assets
					712 Fifth			55 Second			60 Wall			One Steuart							Market			111 Sutter
		Total			Avenue			Street			Street (2)			Lane				Other (3)			Center			Street
Total revenues		$	89,427		$	25,243		$	16,169		$	-		$	15,837		(4)	$	8,227		$	16,745		$	7,206
Total operating expenses			56,360			11,870			6,893			101			16,403		(5)		3,489			13,068			4,536
Net operating income (loss) (1)			33,067			13,373			9,276			(101	)		(566	)			4,738			3,677			2,670
Depreciation and amortization			(25,768	)		(6,628	)		(6,893	)		-			-				(2,152	)		(6,067	)		(4,028	)
Interest and other income, net			2,496			388			476			1,188			330				25			81			8
Interest and debt expense			(29,947	)		(5,347	)		(3,713	)		(5,255	)		-				(2,138	)		(7,244	)		(6,250	)
(Loss) income before income taxes			(20,152	)		1,786			(854	)		(4,168	)		(236	)			473			(9,553	)		(7,600	)
Income tax expense			(25	)		-			(8	)		(2	)		(3	)			(4	)		(5	)		(3	)
Net (loss) income		$	(20,177	)	$	1,786		$	(862	)	$	(4,170	)	$	(239	)		$	469		$	(9,558	)	$	(7,603	)
PGRE's share
Ownership		Total			50.0%			44.1%			5.0%			35.0%				Various			67.0%			49.0%
	Net (loss) income	$	(9,853	)	$	893		$	(360	)	$	(207	)	$	(84	)		$	39		$	(6,409	)	$	(3,725	)
	Step-up basis adjustment		(81	)		-			(5	)		-			(23	)			(53	)		-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		7,817			(893	)		-			(1,424	)		-				-			6,409			3,725
	PGRE's share of net loss		(2,117	)		-			(365	)		(1,631	)		(107	)			(14	)		-			-
	Real estate depreciation and amortization		6,610			3,314			3,044			-			-				252			-			-
	FFO (1)		4,493			3,314			2,679			(1,631	)		(107	)			238			-			-
	Adjustments to equity in earnings of    unconsolidated joint ventures		2,317			893			-			1,424			-				-			-			-
	FFO attributable to One Steuart Lane		107			-			-			-			107				-			-			-
	Other non-core items		263			-			-			263			-				-			-			-
	Core FFO (1)	$	7,180		$	4,207		$	2,679		$	56		$	-			$	238		$	-		$	-

(1)See page 47 for our definition of this measure.

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

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

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

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

- 32 -

CAPITAL STRUCTURE

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

				As of June 30, 2025
Debt (2)(3):				At 100%		At PGRE's Share (1)			Excluding Non-Core Debt (4)
	Notes and mortgages payable (secured debt):
	Consolidated debt			$	3,692,050	$	2,973,680		$	2,973,680
	Unconsolidated joint ventures debt				1,230,760		274,374			274,374
	Non-core unconsolidated joint venture debt				174,710		85,608			-
	Total debt			$	5,097,520		3,333,662	(A)		3,248,054	(A)
		Shares / Units		Share Price as of
Equity:		Outstanding		June 30, 2025
	Common stock		220,311,416	$	6.10		1,343,900			1,343,900
	Operating Partnership units		17,875,998		6.10		109,044			109,044
	Total equity		238,187,414		6.10		1,452,944			1,452,944
Total Market Capitalization						$	4,786,606		$	4,700,998
PGRE's share of cash and cash equivalents and restricted cash (1)						$	535,471	(B)	$	534,055	(B)
PGRE's share of net debt (1)(A - B)						$	2,798,191		$	2,713,999
PGRE's share of Net Debt to Annualized Adjusted EBITDAre (1)						9.3x			9.0x

(1)See page 47 for our definition of this measure.

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

(3)On May 5, 2025, we terminated our revolving credit facility following the sale of a 25.0% interest in One Front Street, which was one of the two properties supporting the credit facility.

(4)Excludes 111 Sutter Street.

- 33 -

DEBT SUMMARY

(unaudited and in thousands)

		Paramount			PGRE's Share of Debt
Notes and mortgages payable (secured)		Ownership			2025			2026			2027			2028			2029			Thereafter			Total			Rate
Consolidated Debt:
	31 West 52nd Street ($500,000)		100.0	%	$	-		$	500,000		$	-		$	-		$	-		$	-		$	500,000			3.80	%
	1301 Avenue of the Americas ($860,000)		100.0	%		-			860,000			-			-			-			-			860,000			6.27	%	(2)
	300 Mission Street ($232,050)		31.1	%		-			72,168			-			-			-			-			72,168			4.50	%
	One Market Plaza ($850,000)		49.0	%		-			-			416,500			-			-			-			416,500			4.08	%
	1633 Broadway ($1,250,000)		90.0	%		-			-			-			-			1,125,012			-			1,125,012			2.99	%
Unconsolidated JV Debt:
	55 Second Street ($187,500)		44.1	%		-			82,669			-			-			-			-			82,669			3.88	%
	712 Fifth Avenue ($300,000)		50.0	%		-			-			150,000			-			-			-			150,000			3.39	%
	Oder-Center, Germany ($8,052)		9.5	%		-			-			-			765			-			-			765			3.96	%
	60 Wall Street ($637,208)		5.0	%		-			-			-			-			31,924			-			31,924			9.28	%	(3)
	1600 Broadway ($98,000)		9.2	%		-			-			-			-			-			9,016			9,016			3.45	%
Non-Core Unconsolidated JV Debt: (4)
	111 Sutter Street ($174,710)		49.0	%		85,608			-			-			-			-			-			85,608			6.48	%	(5)
PGRE's Share of Total Debt (1)					$	85,608		$	1,514,837		$	566,500		$	765		$	1,156,936		$	9,016		$	3,333,662
	Weighted average rate					6.48	%		5.24	%		3.90	%		3.95	%		3.16	%		3.45	%		4.32	%
	% of debt maturing					2.6	%		45.4	%		17.0	%		0.0	%		34.7	%		0.3	%		100.0	%
PGRE's Share of Total Debt Excluding Non-Core Asset					$	-		$	1,514,837		$	566,500		$	765		$	1,156,936		$	9,016		$	3,248,054
	Weighted average rate					-	%		5.24	%		3.90	%		3.95	%		3.16	%		3.45	%		4.26	%
	% of debt maturing					-	%		46.7	%		17.4	%		0.0	%		35.6	%		0.3	%		100.0	%

Debt Composition (at PGRE's Share)													Debt Composition (at PGRE's Share)
								Weighted Average													Weighted Average
			Amount		% of Total			Interest Rate			Years to Maturity					Amount		% of Total			Interest Rate			Years to Maturity
	Including Non-Core Debt:													Excluding Non-Core Debt (6):
		Fixed Rate Debt	$	2,370,707		71	%		3.51	%		2.8			Fixed Rate Debt	$	2,370,707		73	%		3.51	%		2.8
		Floating Rate Debt (7)		962,955		29	%		6.29	%		1.1			Floating Rate Debt (7)		877,347		27	%		6.28	%		1.2
		Total	$	3,333,662		100	%		4.32	%		2.3			Total	$	3,248,054		100	%		4.26	%		2.4

(1)See page 47 for our definition of this measure.

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

(3)Consists of (i) a $16,582 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 $15,342 B-Note that will accrue interest at a fixed rate of 12.00%. The accrued interest on the A-Note, and the principal and accrued interest on the B-Note, are subordinate to equity contributions by the joint venture.

(4)In August 2024, the joint venture that owned Market Center, in which we had a 67.0% ownership interest, ceased making debt service payments on the non-recourse mortgage loan due to insufficient property cash flows. In January 2025, the joint venture defaulted on the $416,544 mortgage loan, as it was not repaid at maturity. Subsequently, on May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure.

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

(6)Excludes 111 Sutter Street.

(7)Includes the loan at 1301 Avenue of the Americas. See note 2 above for details.

- 34 -

PORTFOLIO SUMMARY – TOTAL

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

								Annualized Rent (1)				Square Feet
		%			%					Per		In		Out-of-
		Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total
Total Portfolio
	Weighted average		82.6	%		78.7	%	$	768,231	$	93.26		10,592,805		1,643,651		12,236,456
	PGRE's share		84.7	%		81.0	%	$	569,790	$	89.49		8,001,170		82,347		8,083,517
Non-Same Store Portfolio (3)
	Weighted average		47.4	%		47.4	%	$	10,618	$	81.58		276,598		1,643,651		1,920,249
	PGRE's share		47.4	%		47.4	%	$	5,203	$	81.58		135,533		82,347		217,880
Same Store Portfolio
	Weighted average		83.6	%		79.5	%	$	757,613	$	93.45		10,316,207		-		10,316,207
	PGRE's share		85.4	%		81.6	%	$	564,587	$	89.57		7,865,637		-		7,865,637

	Leased % (1) (at PGRE's Share)
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total Portfolio
New York		88.1	%		87.4	%		85.0	%		85.0	%		86.9	%
San Francisco		73.0	%		72.6	%		74.0	%		74.2	%		74.9	%
Weighted Average		84.7	%		83.2	%		82.0	%		82.0	%		83.6	%

(1)See page 47 for our definition of this measure.

(2)Represents office and retail space only.

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

- 35 -

PORTFOLIO SUMMARY – NEW YORK

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

											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out-of-
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
1633 Broadway
	Office		90.0	%		91.7	%		91.7	%	$	176,692	$	85.05		2,275,229		-		2,275,229	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz
	Retail / Theater		90.0	%		100.0	%		100.0	%		13,650		77.15		256,758		-		256,758	Gershwin Theatre, Thespian Theatre, Equinox,
																					Din Tai Fung, La Pecora Bianca, Rosetta Bakery
			90.0	%		92.6	%		92.6	%		190,342		84.80		2,531,987		-		2,531,987
1301 Avenue of the Americas
	Office		100.0	%		89.2	%		86.4	%		124,504		85.76		1,698,626		-		1,698,626	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
																					O'Melveny & Myers, Dorsey & Whitney, Benesch Law
	Retail / Paramount Club		100.0	%		100.0	%		100.0	%		4,586		187.26		50,885		-		50,885	Ocean Prime, Starbucks, Citizens Bank
			100.0	%		89.5	%		86.8	%		129,090		87.01		1,749,511		-		1,749,511
1325 Avenue of the Americas
	Office		100.0	%		95.9	%		92.4	%		51,129		69.94		810,318		-		810,318	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
																					Major League Baseball Players Association
	Retail		100.0	%		100.0	%		100.0	%		1,474		95.79		14,998		-		14,998	La Grande Boucherie
			100.0	%		95.9	%		92.6	%		52,603		70.33		825,316		-		825,316
31 West 52nd Street
	Office		100.0	%		65.9	%		58.7	%		41,237		93.75		749,094		-		749,094	Pillsbury Winthrop Shaw Pittman, Centerview Partners,
																					Bracewell, Providence Equity Partners, Wilson Sonsini
	Retail		100.0	%		100.0	%		89.1	%		5,049		124.88		25,345		-		25,345	Fogo De Chao, MoMA Design Store
			100.0	%		67.0	%		59.7	%		46,286		95.27		774,439		-		774,439
900 Third Avenue
	Office		55.0	%		94.3	%		61.8	%		25,220		71.22		575,707		-		575,707	Kirkland & Ellis, Shiseido, Littler Mendelson,
																					Tannenbaum Helpern Syracuse & Hirschtritt
	Retail		55.0	%		81.7	%		81.7	%		1,408		102.54		16,144		-		16,144	Bank of America, F45 Training
			55.0	%		93.9	%		62.3	%		26,628		72.34		591,851		-		591,851
712 Fifth Avenue
	Office		50.0	%		78.6	%		77.0	%		42,986		124.69		447,925		-		447,925	CVC Advisors, Aberdeen, OMI Management,
																					Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		22.6	%		22.6	%		8,376		464.20		79,463		-		79,463	Harry Winston
			50.0	%		70.1	%		68.8	%		51,362		141.47		527,388		-		527,388
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		11,221		333.61		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,643,651		1,643,651
	New York:
	Weighted average					87.8	%		83.2	%	$	507,532	$	88.36		7,026,185		1,643,651		8,669,836
	PGRE's share					88.1	%		84.3	%	$	440,647	$	85.96		6,219,656		82,347		6,302,003

(1)See page 47 for our definition of this measure.

(2)Represents office and retail space only.

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

- 36 -

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	%		70.2	%		67.6	%	$	125,812	$	120.12		1,552,698		-		1,552,698	Visa, The Capital Group, Autodesk,
																					Citigroup, Duane Morris, Simpson Thacher,
																					Thoma Bravo, PJT Partners, Morgan Lewis
	Retail		49.0	%		57.9	%		57.9	%		4,491		78.50		53,882		-		53,882	STK Steak House, One Market Restaurant
			49.0	%		69.8	%		67.3	%		130,303		119.00		1,606,580		-		1,606,580
300 Mission Street
	Office		31.1	%		72.5	%		72.5	%		45,245		103.35		604,211		-		604,211	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		3,441		77.07		49,172		-		49,172	Equinox
			31.1	%		73.7	%		73.7	%		48,686		100.98		653,383		-		653,383
One Front Street
	Office		75.0	%		80.6	%		71.7	%		42,870		93.98		638,221		-		638,221	JPMorgan Chase, JLL, Cigna,
																					Eastdil Secured, Fenwick & West
	Retail		75.0	%		89.0	%		89.0	%		1,139		94.40		13,232		-		13,232	JPMorgan Chase
			75.0	%		80.7	%		72.1	%		44,009		93.99		651,453		-		651,453
55 Second Street
	Office		44.1	%		85.0	%		85.0	%		26,366		83.85		370,613		-		370,613	KPMG, Intercom, Rippling, UKG,
																					Alston & Bird
	Retail		44.1	%		100.0	%		100.0	%		717		79.33		7,993		-		7,993	Sutter West Bay Medical, Bluestone Lane
			44.1	%		85.3	%		85.3	%		27,083		83.74		378,606		-		378,606
111 Sutter Street (3)
	Office		49.0	%		43.8	%		43.8	%		9,041		84.22		247,443		-		247,443	Turo, Natural Resources Defense Council
	Retail		49.0	%		77.8	%		77.8	%		1,577		69.18		29,155		-		29,155	24 Hour Fitness
			49.0	%		47.4	%		47.4	%		10,618		81.58		276,598		-		276,598
	San Francisco:
	Weighted average					72.4	%		69.7	%	$	260,699	$	104.23		3,566,620		-		3,566,620
	PGRE's share					73.0	%		69.5	%	$	129,143	$	103.72		1,781,514		-		1,781,514

(1)See page 47 for our definition of this measure.

(2)Represents office and retail space only.

(3)This asset has been designated as “non-core”.

- 37 -

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 June 30, 2025		Property	Expiration	Occupied (2)		Occupied (2)		Amount		Foot (2)		Rent
	Norton Rose Fulbright	1301 Avenue of the Americas	Mar-2032		111,589		111,589		10,370		92.93		1.8	%
			Sep-2034		179,286		179,286		19,208		102.67		3.4	%
					290,875		290,875		29,578		98.94		5.2	%
	Allianz	1633 Broadway	Jan-2031		320,911		288,823		29,146		100.91		5.1	%
	JPMorgan Chase	One Front Street	Aug-2025		219,180		164,385		14,784		89.66		2.6	%
			Jun-2027		18,148		13,611		1,308		96.10		0.2	%
			Dec-2029		81,525		61,144		6,702		109.61		1.2	%
			Dec-2030		25,157		18,868		1,911		100.65		0.3	%
					344,010		258,008		24,705		95.53		4.3	%
	Wilson Sonsini	1301 Avenue of the Americas	Nov-2025		61,048		61,048		6,337		103.80		1.1	%
		One Market Plaza	Oct-2032		84,456		41,383		5,083		122.83		0.9	%
		31 West 52nd Street	Mar-2041		132,207		132,207		10,709		81.00		1.9	%
					277,711		234,638		22,129		94.31		3.9	%
	Morgan Stanley	1633 Broadway	Mar-2032		260,829		234,749		20,446		87.10		3.6	%
	Warner Music Group	1633 Broadway	Jul-2029		288,250		259,428		20,231		76.95		3.5	%
	Showtime Networks	1633 Broadway	Jan-2026		253,196		227,879		17,801		76.42		3.1	%
	O'Melveny & Myers	1301 Avenue of the Americas	Feb-2040		198,722		198,722		15,949		80.00		2.8	%
	Credit Agricole	1301 Avenue of the Americas	Apr-2035		159,308		159,308		12,024		74.06		2.1	%
	Kasowitz	1633 Broadway	Mar-2037		152,676		137,410		11,383		82.84		2.0	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of June 30, 2025		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,588,186		24.5	%	$	142,436		25.0	%
	Financial Services - Commercial and Investment Banking		1,109,087		17.1	%		97,117		17.0	%
	Financial Services, all others		980,698		15.1	%		95,839		16.8	%
	Technology and Media		1,139,461		17.6	%		95,223		16.7	%
	Insurance		386,177		6.0	%		38,590		6.8	%
	Retail		163,188		2.5	%		19,454		3.4	%
	Travel and Leisure		184,073		2.8	%		12,752		2.2	%
	Accounting		125,879		1.9	%		9,637		1.7	%
	Education		136,176		2.1	%		9,466		1.7	%
	Other		666,072		10.4	%		49,276		8.7	%

(1)See page 47 for our definition of this measure.

(2)Represents office and retail space only.

- 38 -

LEASING ACTIVITY (2)

(unaudited)

	Total			New York			San Francisco
Three Months Ended June 30, 2025
Total square feet leased			404,710			211,375			193,335
PGRE's share of total square feet leased:			255,621			155,389			100,232
Initial rent (1)	$		91.93	$		91.18	$		93.07
Weighted average lease term (in years)			12.9			14.7			10.3
Tenant improvements and leasing commissions:
Per square foot	$		201.98	$		192.71	$		216.35
Per square foot per annum	$		15.61	$		13.15	$		21.04
Percentage of initial rent		17.0%			14.4%			22.6%
Rent concessions:
Average free rent period (in months)			14.8			17.1			11.1
Average free rent period per annum (in months)			1.1			1.2			1.1
Second generation space: (1)
Square feet			205,239			139,841			65,398
Cash basis:
Initial rent (1)	$		93.38	$		92.76	$		94.71
Prior escalated rent (1)	$		98.75	$		93.68	$		109.58
Percentage decrease		(5.4%)			(1.0%)			(13.6%)
GAAP basis:
Straight-line rent	$		93.91	$		90.51	$		101.19
Prior straight-line rent	$		91.56	$		89.15	$		96.72
Percentage increase		2.6%			1.5%			4.6%

(1)See page 47 for our definition of this measure.

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

- 39 -

LEASING ACTIVITY (2)

(unaudited)

	Total			New York			San Francisco
Six Months Ended June 30, 2025
Total square feet leased			688,584			489,490			199,094
PGRE's share of total square feet leased:			442,068			339,425			102,643
Initial rent (1)	$		85.43	$		83.07	$		93.21
Weighted average lease term (in years)			12.9			13.8			10.1
Tenant improvements and leasing commissions:
Per square foot	$		191.68	$		185.66	$		211.57
Per square foot per annum	$		14.82	$		13.46	$		20.98
Percentage of initial rent		17.3%			16.2%			22.5%
Rent concessions:
Average free rent period (in months)			13.7			14.6			10.9
Average free rent period per annum (in months)			1.1			1.1			1.1
Second generation space: (1)
Square feet			286,946			220,251			66,695
Cash basis:
Initial rent (1)	$		89.31	$		87.53	$		95.21
Prior escalated rent (1)	$		93.49	$		88.57	$		109.71
Percentage decrease		(4.5%)			(1.2%)			(13.2%)
GAAP basis:
Straight-line rent	$		89.52	$		85.87	$		101.56
Prior straight-line rent	$		86.36	$		83.20	$		96.78
Percentage increase		3.7%			3.2%			4.9%

(1)See page 47 for our definition of this measure.

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

- 40 -

LEASE EXPIRATIONS – TOTAL PORTFOLIO

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

			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month			9,020		5,747	$	753	$	114.71		0.1	%
	3Q 2025			270,609		196,506		17,518		89.18		2.9	%
	4Q 2025			359,501		200,071		19,416		96.93		3.3	%
	Total 2025			630,110		396,577		36,934		93.10		6.2	%
	1Q 2026			451,854		331,409		28,781		87.68		4.8	%
	2Q 2026			102,904		96,679		6,841		70.75		1.2	%
	Remaining 2026			675,670		390,359		38,047		90.64		6.4	%
	Total 2026			1,230,428		818,447		73,669		87.08		12.4	%
		2027		333,375		241,162		21,788		89.98		3.7	%
		2028		248,075		162,342		12,809		78.87		2.2	%
		2029		575,970		484,937		40,136		87.00		6.8	%
	Thereafter			5,726,779		4,669,377		407,404		89.72		68.6	%
Total portfolio excluding non-core asset (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			8,434		5,460	$	747	$	114.71		0.1	%
	3Q 2025			270,609		196,506		17,518		89.18		3.0	%
	4Q 2025			359,501		200,071		19,416		96.93		3.3	%
	Total 2025			630,110		396,577		36,934		93.10		6.3	%
	1Q 2026			437,955		324,599		28,368		88.20		4.8	%
	2Q 2026			102,904		96,679		6,841		70.75		1.2	%
	Remaining 2026			675,670		390,359		38,047		90.64		6.5	%
	Total 2026			1,216,529		811,637		73,256		87.28		12.5	%
		2027		294,000		221,868		19,793		88.79		3.4	%
		2028		221,190		149,168		11,903		79.74		2.0	%
		2029		548,704		471,576		39,040		87.15		6.6	%
	Thereafter			5,703,620		4,658,029		406,618		89.77		69.1	%

(1)See page 47 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)Represents 111 Sutter Street.

- 41 -

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			5,298		3,772	$	505	$	114.44		0.1	%
	3Q 2025			28,112		17,438		1,236		70.89		0.3	%
	4Q 2025			161,710		124,003		12,055		97.12		2.6	%
	Total 2025			189,822		141,441		13,291		93.88		2.9	%
	1Q 2026			283,906		249,115		18,907		76.56		4.1	%
	2Q 2026			102,904		96,679		6,841		70.75		1.5	%
	Remaining 2026			223,346		176,633		17,709		85.12		3.9	%
	Total 2026			610,156		522,427		43,457		78.39		9.5	%
		2027		193,431		167,870		13,803		81.61		3.0	%
		2028		118,586		79,646		5,861		73.12		1.3	%
		2029		500,195		447,324		35,904		84.69		7.8	%
	Thereafter			4,553,722		4,115,960		346,267		86.73		75.4	%

(1)See page 47 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.

- 42 -

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			3,722		1,975	$	248	$	117.95		0.2	%
	3Q 2025			242,497		179,068		16,282		90.97		12.1	%
	4Q 2025			197,791		76,068		7,361		96.64		5.5	%
	Total 2025			440,288		255,136		23,643		92.66		17.6	%
	1Q 2026			167,948		82,294		9,874		120.92		7.4	%
	2Q 2026			-		-		-		-		0.0	%
	Remaining 2026			452,324		213,726		20,338		95.19		15.1	%
	Total 2026			620,272		296,020		30,212		102.26		22.5	%
		2027		139,944		73,292		7,985		108.84		5.9	%
		2028		129,489		82,696		6,948		84.46		5.2	%
		2029		75,775		37,613		4,232		111.97		3.1	%
	Thereafter			1,173,057		553,417		61,138		110.90		45.5	%
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			3,136		1,688	$	242	$	117.95		0.2	%
	3Q 2025			242,497		179,068		16,282		90.97		12.6	%
	4Q 2025			197,791		76,068		7,361		96.64		5.7	%
	Total 2025			440,288		255,136		23,643		92.66		18.3	%
	1Q 2026			154,049		75,484		9,461		126.05		7.3	%
	2Q 2026			-		-		-		-		0.0	%
	Remaining 2026			452,324		213,726		20,338		95.19		15.8	%
	Total 2026			606,373		289,210		29,799		103.17		23.1	%
		2027		100,569		53,998		5,990		110.78		4.6	%
		2028		102,604		69,522		6,042		87.37		4.7	%
		2029		48,509		24,252		3,136		128.45		2.4	%
	Thereafter			1,149,898		542,069		60,351		111.78		46.7	%

(1)See page 47 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)Represents 111 Sutter Street.

- 43 -

CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Three Months Ended June 30, 2025
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	13,300		$	9,324		$	3,689		$	287
Second generation tenant improvements		20,379			19,055			1,324			-
Second generation leasing commissions		15,524			8,535			6,989			-
Total Capital Expenditures		49,203			36,914			12,002			287
Amounts attributable to noncontrolling interests in consolidated joint ventures		(5,536	)		(1,627	)		(3,909	)		-
PGRE's share of Total Capital Expenditures	$	43,667		$	35,287		$	8,093		$	287
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	1,454		$	1,454		$	-		$	-
Total Redevelopment Expenditures		1,454			1,454			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	1,454		$	1,454		$	-		$	-
	Three Months Ended June 30, 2024
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	9,182		$	6,807		$	2,367		$	8
Second generation tenant improvements		10,821			10,610			211			-
Second generation leasing commissions		993			669			324			-
Total Capital Expenditures		20,996			18,086			2,902			8
Amounts attributable to noncontrolling interests in consolidated joint ventures		(1,051	)		(229	)		(822	)		-
PGRE's share of Total Capital Expenditures	$	19,945		$	17,857		$	2,080		$	8
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Paramount Club	$	5,609		$	5,609		$	-		$	-
Other		278			278			-			-
Total Redevelopment Expenditures		5,887			5,887			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	5,887		$	5,887		$	-		$	-

(1)See page 47 for our definition of this measure.

(2)Excludes Market Center and 111 Sutter Street.

- 44 -

CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

	Six Months Ended June 30, 2025
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	25,347		$	18,524		$	6,521		$	302
Second generation tenant improvements		47,734			42,966			4,768			-
Second generation leasing commissions		24,126			15,717			8,409			-
Total Capital Expenditures		97,207			77,207			19,698			302
Amounts attributable to noncontrolling interests in consolidated joint ventures		(10,965	)		(4,310	)		(6,655	)		-
PGRE's share of Total Capital Expenditures	$	86,242		$	72,897		$	13,043		$	302
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	2,744		$	2,744		$	-		$	-
Total Redevelopment Expenditures		2,744			2,744			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	2,744		$	2,744		$	-		$	-
	Six Months Ended June 30, 2024
	Total (2)			New York			San Francisco (2)			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	20,126		$	15,248		$	4,845		$	33
Second generation tenant improvements		35,442			29,877			5,565			-
Second generation leasing commissions		1,742			1,412			330			-
Total Capital Expenditures		57,310			46,537			10,740			33
Amounts attributable to noncontrolling interests in consolidated joint ventures		(5,514	)		(419	)		(5,095	)		-
PGRE's share of Total Capital Expenditures	$	51,796		$	46,118		$	5,645		$	33
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Paramount Club	$	9,817		$	9,817		$	-		$	-
Other		315			315			-			-
Total Redevelopment Expenditures		10,132			10,132			-			-
Amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	10,132		$	10,132		$	-		$	-

(1)See page 47 for our definition of this measure.

(2)Excludes Market Center and 111 Sutter Street.

- 45 -

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
Ally Yaseen
Wolfe Research
(646) 582-9253
ayaseen@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.

- 46 -

DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.

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

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

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

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) is a supplemental measure of our operating performance. EBITDAre is presented in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, net gains from sales of depreciated real estate assets and impairment losses on depreciable real estate, including our share of such adjustments of unconsolidated joint ventures. EBITDAre provides information regarding our operating performance that would not otherwise be available and may be useful to an investor in assessing our ability to incur and service debt. EBITDAre should not be considered as an indication of our financial performance or a measure of our cash flow or liquidity. We present PGRE’s share of EBITDAre which represents our share of EBITDAre generated by our consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

- 47 -

DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate related funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We present PGRE’s share of Adjusted EBITDAre, which represents our share of Adjusted EBITDAre generated by our consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets.

Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also use Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. We present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.

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

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

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

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

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

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

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

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

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

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

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

Capital Expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions. Expenditures to Maintain Assets include capital expenditures to maintain current revenues. Second Generation Tenant Improvements and Leasing Commissions represent tenant improvements and leasing commissions incurred in leasing second generation space. First Generation Leasing Costs and Other Capital Expenditures include capital expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions on space leased that has been vacant for more than twelve months. Redevelopment Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

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