1.	Organization and Business

As used in these consolidated financial statements, unless otherwise indicated, all references to “we,” “us,” “our,” the “Company,” and “Paramount” refer to Paramount Group, Inc., a Maryland corporation, and its consolidated subsidiaries, including Paramount Group Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). We are a fully-integrated real estate investment trust (“REIT”) focused on owning, operating, managing, acquiring and redeveloping high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. We conduct our business through, and substantially all of our interests in properties and investments are held by, the Operating Partnership. We are the sole general partner of, and owned approximately 91.0% of, the Operating Partnership as of December 31, 2021.

As of December 31, 2021, we owned and/or managed a portfolio aggregating 13.9 million square feet comprised of:

•

Seven wholly and partially owned properties aggregating 8.6 million square feet in New York, comprised of 8.2 million square feet of office space and 0.4 million square feet of retail, theater and amenity space;

•

Six wholly and partially owned properties aggregating 4.3 million square feet in San Francisco, comprised of 4.1 million square feet of office space and 0.2 million square feet of retail space; and

•

Six managed properties aggregating 1.0 million square feet in New York and Washington, D.C.

Additionally, we have an investment management business, where we serve as the general partner of real estate funds for institutional investors and high net-worth individuals.

In March 2020, the World Health Organization declared coronavirus 2019 (“COVID-19”) a global pandemic. The outbreak of COVID-19 caused severe disruptions in the global economy. These disruptions have adversely impacted businesses and financial markets, including that of New York and San Francisco, the markets in which we operate and where all of our assets are located. While our buildings have remained open throughout the pandemic, a majority of our tenants have worked remotely as new variants of the virus that cause COVID-19 emerged during 2021. The emergence of new variants of the virus that cause COVID-19 or our tenants’ decision to work remotely did not have a material impact on our portfolio-wide rent collections during 2021. For the year ended December 31, 2021, we collected 99.6% of rents, comprised of 99.9% from office tenants (which account for approximately 96.5% of our annualized rents) and 92.9% from non-office tenants (which account for the remaining 3.5% of our annualized rents). Notwithstanding, we continue to navigate the pandemic and monitor its impact on our business. Given the emergence of new variants of the virus that cause COVID-19 during 2021 and the possibility of future variants, we are precluded at this time from making any predictions as the ultimate impact it may have on our future financial condition, results of operations and cash flows.