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	$	1,030,100	$	502,846	$	1,398,341	$	-	$	74,427	$	502,846	$	1,472,768	$	1,975,614	$	(123,730	)	1971	11/2014	5 to 40 Years
1301 Avenue of the Americas		850,000		406,039		1,051,697		-		74,934		406,039		1,126,631		1,532,670		(93,817	)	1963	11/2014	5 to 40 Years
31 West 52nd Street		500,000		221,318		604,994		-		8,529		221,318		613,523		834,841		(51,908	)	1987	11/2014	5 to 40 Years
1325 Avenue of the Americas		-		174,688		370,553		-		18,494		174,688		389,047		563,735		(33,663	)	1989	11/2014	5 to 40 Years
900 Third Avenue		-		103,741		296,031		-		11,905		103,741		307,936		411,677		(29,407	)	1983	11/2014	5 to 40 Years
Total New York		2,380,100		1,408,632		3,721,616		-		188,289		1,408,632		3,909,905		5,318,537		(332,525	)

425 Eye Street		-		93,669		98,088		-		5,476		93,669		103,564		197,233		(11,771	)	1973	11/2014	5 to 40 Years
Liberty Place		-		46,401		96,422		-		11,675		46,401		108,097		154,498		(10,569	)	1993	11/2014	5 to 40 Years
1899 Pennsylvania Avenue		-		52,568		94,874		-		4,160		52,568		99,034		151,602		(9,263	)	1915	11/2014	5 to 40 Years
2099 Pennsylvania Avenue		-		50,631		103,992		-		17,230		50,631		121,222		171,853		(11,014	)	2001	11/2014	5 to 40 Years
Total Washington, D.C.		-		243,269		393,376		-		38,541		243,269		431,917		675,186		(42,617	)

One Market Plaza		975,000		288,743		988,014		-		62,007		288,743		1,050,021		1,338,764		(93,860	)	1976	11/2014	5 to 40 Years
One Front Street		-		127,765		376,919		-		3,293		127,765		380,212		507,977		(13,113	)	1979	12/2016	5 to 40 Years
50 Beale Street		228,000		141,097		343,819		-		567		141,097		344,386		485,483		(5,111	)	1968	07/2017	5 to 40 Years
Total San Francisco		1,203,000		557,605		1,708,752		-		65,867		557,605		1,774,619		2,332,224		(112,084	)

Other		-		-		-		-		3,528		-		3,528		3,528		(719	)		11/2014	5 to 40 Years

Total	$	3,583,100	$	2,209,506	$	5,823,744	$	-	$	296,225	$	2,209,506	$	6,119,969	$	8,329,475	$	(487,945	)

⁽¹⁾

The basis of the Company’s assets for tax purposes is approximately $1.6 billion lower than the amount reported for financial statement purposes.

	For the Year Ended December 31,
(Amounts in thousands)	2017			2016			2015
Real Estate:
Beginning balance	$	7,849,093		$	7,652,117		$	7,530,239
Acquisitions		484,916			504,684
Additions during the year:
Land		-			-			-
Buildings and improvements		82,862			116,038			123,277
Assets held for sale		-			(412,315	)		-
Assets sold and written-off		(87,396	)		(11,431	)		(1,399	)
Ending balance	$	8,329,475		$	7,849,093		$	7,652,117

Accumulated Depreciation:
Beginning balance	$	318,161		$	243,089		$	81,050
Additions charged to expense		182,732			168,847			163,438
Assets held for sale		-			(82,344	)		-
Accumulated depreciation related to assets sold and written-off		(12,948	)		(11,431	)		(1,399	)
Ending balance	$	487,945		$	318,161		$	243,089