PARAMOUNT GROUP, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

COLUMN A	COLUMN B		COLUMN C						COLUMN D				COLUMN E								COLUMN F			COLUMN G	COLUMN H	COLUMN I
(Amounts in thousands)																										Life on
																										which
									Costs capitalized																	depreciation
									subsequent				Gross amount at which								Accumulated					in latest
			Initial cost to company						to acquisition				carried at close of period								depreciation					income
						Building and					Building and				Buildings and						and			Date of	Date	statement
Description	Encumbrances		Land			Improvements			Land		Improvements		Land		Improvements			Total ⁽¹⁾			amortization			construction	acquired	is computed
1633 Broadway	$	1,013,544	$	502,846		$	1,398,341		$	-	$	63,900	$	502,846	$	1,462,241		$	1,965,087		$	(81,875	)	1971	11/2014	5 to 40 Years
1301 Avenue of the Americas		850,000		406,039			1,051,697			-		54,765		406,039		1,106,462			1,512,501			(61,175	)	1963	11/2014	5 to 40 Years
31 West 52nd Street		500,000		221,318			604,994			-		2,376		221,318		607,370			828,688			(35,534	)	1987	11/2014	5 to 40 Years
1325 Avenue of the Americas		-		174,688			370,553			-		17,359		174,688		387,912			562,600			(24,343	)	1989	11/2014	5 to 40 Years
900 Third Avenue		-		103,741			296,031			-		6,835		103,741		302,866			406,607			(20,881	)	1983	11/2014	5 to 40 Years
Total New York		2,363,544		1,408,632			3,721,616			-		145,235		1,408,632		3,866,851			5,275,483			(223,808	)

425 Eye Street		-		93,669			98,088			-		4,866		93,669		102,954			196,623			(7,832	)	1973	11/2014	5 to 40 Years
Liberty Place		84,000		46,401			96,422			-		11,653		46,401		108,075			154,476			(6,827	)	1993	11/2014	5 to 40 Years
1899 Pennsylvania Avenue		87,675		52,568			94,874			-		4,164		52,568		99,038			151,606			(6,094	)	1915	11/2014	5 to 40 Years
2099 Pennsylvania Avenue		-		50,631			103,992			-		10,926		50,631		114,918			165,549			(6,990	)	2001	11/2014	5 to 40 Years
Total Washington, D.C.		171,675		243,269			393,376			-		31,609		243,269		424,985			668,254			(27,743	)

One Market Plaza		872,960		288,743			988,014			-		49,939		288,743		1,037,953			1,326,696			(62,309	)	1976	11/2014	5 to 40 Years
One Front Street		-		127,765	⁽²⁾		376,919	⁽²⁾		-		-		127,765		376,919			504,684			(1,130	)	1979	12/2016	5 to 40 Years
Total San Francisco		872,960		416,508			1,364,933			-		49,939		416,508		1,414,872			1,831,380			(63,439	)

Residential Development Fund ("75 Howard")		-		23,126			41,524			-		4,497		23,126		52,193			75,319			(2,896	)		03/2014	5 to 40 Years
Other		-		-			-			-		-		-		(1,343	)		(1,343	)		(275	)		11/2014	5 to 40 Years

Total	$	3,408,179	$	2,091,535		$	5,521,449		$	-	$	231,280	$	2,091,535	$	5,757,558		$	7,849,093		$	(318,161	)

Assets held for sale:
Waterview	$	-	$	78,300		$	297,669		$	-	$	36,346	$	78,300	$	334,015		$	412,315		$	(82,344	)	2007	05/2007	5 to 40 Years

⁽¹⁾

The net basis of the Company’s assets and liabilities for tax purposes is approximately $3.1 billion lower than the net amount reported for financial statement purposes.

⁽²⁾

In accordance with the early adoption of ASU 2017-01, these amounts include the capitalized acquisition costs associated with this transaction.

	For the Year Ended December 31,
(Amounts in thousands)	2016			2015			2014
Rental Property:
Beginning balance	$	7,652,117		$	7,530,239		$	414,998
Acquisitions		504,684						64,650
Acquisition of properties in connection
with the Formation Transactions		-			-			7,043,650
Additions during the year:
Land		-			-			-
Buildings and improvements		116,038			123,277			9,676
Assets held for sale		(412,315	)		-			-
Assets sold and written-off		(11,431	)		(1,399	)		(2,735	)
Ending balance	$	7,849,093		$	7,652,117		$	7,530,239

Accumulated Depreciation:
Beginning balance	$	243,089		$	81,050		$	57,689
Additions charged to expense		168,847			163,438			26,096
Assets held for sale		(82,344	)		-			-
Accumulated depreciation related to assets sold and written-off		(11,431	)		(1,399	)		(2,735	)
Ending balance	$	318,161		$	243,089		$	81,050