パラマウントグループの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 26, 2022

Paramount Group, Inc.

(Exact Name of Registrant as Specified in Charter)




Maryland	001-36746	32-0439307
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


1633 Broadway, Suite 1801 New York, New York			10019
(Address of Principal Executive offices)			(Zip Code)

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

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


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


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


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


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

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



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

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

Emerging Growth Company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 26, 2022, Paramount Group, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2022. A copy of that press release as well as the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

The Company will host a conference call and audio webcast on Thursday, October 27, 2022 at 10:00 a.m. Eastern Time (ET), during which management will discuss the third quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on October 27, 2022 through November 3, 2022 and can be accessed by dialing 844‑512‑2921 (domestic) or 412-317-6671 (international) and entering the passcode 13733036.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:



Exhibit Number		Description

	99.1	Press release dated October 26, 2022 and entitled “Paramount Announces Third Quarter 2022 Results”

	99.2	Supplemental information entitled “Paramount Group, Inc. Supplemental Operating and Financial Data for the Quarter Ended September 30, 2022”

	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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


	PARAMOUNT GROUP, INC.

Date: October 26, 2022	By:	/s/ Wilbur Paes
	Name:	Wilbur Paes
	Title	Chief Operating Officer, Chief Financial Officer and Treasurer

EX-99.1 2 pgre-ex99_1.htm EX-99.1 EX-99.1


		Exhibit 99.1

Paramount Announces Third Quarter 2022 Results

–Completes $41.7 million of share repurchases through October –

NEW YORK – October 26, 2022 – Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 today and reported results for the third quarter ended September 30, 2022.

Third Quarter Highlights:

•

Reported net loss attributable to common stockholders of $1.5 million, or $0.01 per diluted share, for the quarter ended September 30, 2022, compared to $2.1 million, or $0.01 per diluted share, for the quarter ended September 30, 2021.

•

Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $54.2 million, or $0.24 per diluted share, for the quarter ended September 30, 2022, compared to $50.1 million, or $0.23 per diluted share, for the quarter ended September 30, 2021.

•

Updated its full year 2022 Earnings Guidance as follows:

Estimated net income attributable to common stockholders will be between $0.00 and $0.02 per diluted share, compared to its prior estimated range of net loss attributable to common stockholders of $0.01 per diluted share and net income of $0.03 per diluted share.

Estimated Core FFO attributable to common stockholders will be between $0.96 and $0.98 per diluted share, compared to its prior estimate of $0.95 and $0.99 per diluted share.

•

Reported a 0.4% increase in Same Store Cash Net Operating Income (“NOI”) and a 6.3% increase in Same Store NOI in the quarter ended September 30, 2022, compared to the same period in the prior year.

•

Leased 288,554 square feet, of which the Company’s share was 215,922 square feet that was leased at a weighted average initial rent of $82.76 per square foot. Of the 215,922 square feet that was leased, 204,178 square feet represented the Company’s share of second generation space, for which mark-to-markets were negative 10.5% on a cash basis and positive 2.7% on a GAAP basis.

•

Declared a third quarter cash dividend of $0.0775 per common share on September 15, 2022, which was paid on October 14, 2022.

•

Repurchased 6,498,232 common shares at a weighted average price of $6.41 per share, or $41.7 million in the aggregate through October 2022, of which 3,237,392 shares were repurchased in the third quarter, at a weighted average price of $6.58 per share, or $21.3 million in the aggregate.

Financial Results

Quarter Ended September 30, 2022

Net loss attributable to common stockholders was $1.5 million, or $0.01 per diluted share, for the quarter ended September 30, 2022, compared to $2.1 million, or $0.01 per diluted share, for the quarter ended September 30, 2021.

Funds from Operations (“FFO”) attributable to common stockholders was $53.4 million, or $0.24 per diluted share, for the quarter ended September 30, 2022, compared to $50.3 million, or $0.23 per diluted share, for the quarter ended September 30, 2021. FFO attributable to common stockholders for the quarters ended September 30, 2022 and 2021 includes the impact of certain non-core items, which are listed in the table on page 9. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarter ended September 30, 2022 by $0.8 million, or $0.00 per diluted share and increased FFO attributable to common stockholders for the quarter ended September 30, 2021 by $0.2 million, or $0.00 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $54.2 million, or $0.24 per diluted share, for the quarter ended September 30, 2022, compared to $50.1 million, or $0.23 per diluted share, for the quarter ended September 30, 2021.

Nine Months Ended September 30, 2022

Net income attributable to common stockholders was $1.5 million, or $0.01 per diluted share, for the nine months ended September 30, 2022, compared to net loss attributable to common stockholders of $21.6 million, or $0.10 per diluted share, for the nine months ended September 30, 2021. Net loss attributable to common stockholders for the nine months ended September 30, 2021 includes a $10.7 million contribution to an unconsolidated joint venture that was expensed in accordance with GAAP.

FFO attributable to common stockholders was $161.6 million, or $0.73 per diluted share, for the nine months ended September 30, 2022, compared to $139.1 million, or $0.64 per diluted share, for the nine months ended September 30, 2021. FFO attributable to common stockholders for the nine months ended September 30, 2021 includes a $10.7 million contribution to an unconsolidated joint venture that was expensed in accordance with GAAP. FFO attributable to common stockholders for the nine months ended September 30, 2022 and 2021 also includes the impact of other non-core items, which are listed in the table on page 9. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests decreased FFO attributable to common stockholders for the nine months ended September 30, 2022 and 2021 by $0.9 million and $9.1 million, respectively, or $0.00 and $0.04 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $162.5 million, or $0.73 per diluted share, for the nine months ended September 30, 2022, compared to $148.2 million, or $0.68 per diluted share, for the nine months ended September 30, 2021.

Portfolio Operations

Quarter Ended September 30, 2022

Same Store Cash NOI increased by $0.4 million, or 0.4%, to $96.7 million for the quarter ended September 30, 2022 from $96.3 million for the quarter ended September 30, 2021. Same Store NOI increased by $6.0 million, or 6.3%, to $102.2 million for the quarter ended September 30, 2022 from $96.2 million for the quarter ended September 30, 2021.

During the quarter ended September 30, 2022, the Company leased 288,554 square feet, of which the Company’s share was 215,922 square feet that was leased at a weighted average initial rent of $82.76 per square foot. This leasing activity, offset by lease expirations in the quarter, caused leased occupancy and same store leased occupancy (properties owned by the Company in a similar manner during both reporting periods) to remain at 91.4% leased at September 30, 2022, in-line with the leased occupancy reported at June 30, 2022. Of the 215,922 square feet leased, 204,178 square feet represented the Company’s share of second generation space (space that had been vacant for less than twelve months) for which mark-to-markets were negative 10.5% on a cash basis and positive 2.7% on a GAAP basis. The weighted average lease term for leases signed during the third quarter was 12.5 years and weighted average tenant improvements and leasing commissions on these leases were $11.92 per square foot per annum, or 14.4% of initial rent.

Nine Months Ended September 30, 2022

Same Store Cash NOI increased by $9.1 million, or 3.2%, to $289.5 million for the nine months ended September 30, 2022 from $280.4 million for the nine months ended September 30, 2021. Same Store NOI increased by $11.9 million, or 4.1%, to $301.2 million for the nine months ended September 30, 2022 from $289.3 million for the nine months ended September 30, 2021.

During the nine months ended September 30, 2022, the Company leased 741,605 square feet, of which the Company’s share was 556,299 square feet that was leased at a weighted average initial rent of $77.12 per square foot. This leasing activity, partially offset by lease expirations in the nine months, increased leased occupancy by 70 basis points to 91.4% at September 30, 2022 from 90.7% at December 31, 2021. Same store leased occupancy increased by 80 basis points to 91.4% at September 30, 2022 from 90.6% at December 31, 2021. Of the 556,299 square feet leased, 441,499 square feet represented the Company’s share of second generation space for which mark-to-markets were negative 6.6% on a cash basis and positive 1.3% on a GAAP basis. The weighted average lease term for leases signed during the nine months was 10.0 years and weighted average tenant improvements and leasing commissions on these leases were $10.72 per square foot per annum, or 13.9% of initial rent.

Guidance

The Company is updating its Estimated Core FFO Guidance for the full year of 2022, which is reconciled below to estimated net income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net income attributable to common stockholders will be between $0.00 and $0.02 per diluted share, compared to its prior estimated range of net loss attributable to common stockholders of $0.01 per diluted share and net income of $0.03 per diluted share. The estimated net income attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

Based on the Company’s performance for the nine months ended September 30, 2022, and its outlook for the remainder of 2022, the Company is updating its Estimated 2022 Core FFO to be between $0.96 and $0.98 per diluted share, compared to its prior estimate of $0.95 and $0.99 per diluted share.


	Full Year 2022
(Amounts per diluted share)	Low		High
Estimated net income attributable to common stockholders	$	0.00	$	0.02
Pro rata share of real estate depreciation and amortization, including the Company's share of unconsolidated joint ventures		0.96		0.96
Estimated Core FFO	$	0.96	$	0.98

Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to on page 6. 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 fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the COVID-19 global pandemic. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the negative impact of the COVID-19 global pandemic on the U.S., regional and global economies and our tenants’ financial condition and results of operations; the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; 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 rising inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

FFO is a supplemental measure of our performance. We present FFO in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

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

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

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

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended September 30, 2022, which is available on our website.

Investor Conference Call and Webcast

The conference call can be accessed by dialing 877-407-0789 (domestic) or 201-689-8562 (international). An audio replay of the conference call will be available from 1:00 p.m. ET on October 27, 2022 through November 3, 2022 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13733036.

About Paramount Group, Inc.

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

Contact Information:

Wilbur Paes
Chief Operating Officer, 
Chief Financial Officer and Treasurer
212-237-3122
ir@pgre.com
 
 

Tom Hennessy
Vice President, Investor Relations and
Business Development
212-237-3138
ir@pgre.com
 
 

Media:

212-492-2285

pr@pgre.com

Paramount Group, Inc.

Consolidated Balance Sheets

(Unaudited and in thousands)


Assets:	September 30, 2022			December 31, 2021
Real estate, at cost:
Land	$	1,966,237		$	1,966,237
Buildings and improvements		6,152,652			6,061,824
		8,118,889			8,028,061
Accumulated depreciation and amortization		(1,248,059	)		(1,112,977	)
Real estate, net		6,870,830			6,915,084
Cash and cash equivalents		469,398			524,900
Restricted cash		40,456			4,766
Investments in unconsolidated joint ventures		428,785			408,096
Investments in unconsolidated real estate funds		14,558			11,421
Accounts and other receivables		19,865			15,582
Deferred rent receivable		340,540			332,735
Deferred charges, net		123,864			122,177
Intangible assets, net		97,371			119,413
Other assets		90,813			40,388
Total assets	$	8,496,480		$	8,494,562

Liabilities:
Notes and mortgages payable, net	$	3,839,144		$	3,835,620
Revolving credit facility		-			-
Accounts payable and accrued expenses		152,371			116,192
Dividends and distributions payable		18,564			16,895
Intangible liabilities, net		39,037			45,328
Other liabilities		24,171			25,495
Total liabilities		4,073,287			4,039,530
Equity:
Paramount Group, Inc. equity		3,674,363			3,588,163
Noncontrolling interests in:
Consolidated joint ventures		407,402			428,833
Consolidated real estate fund		79,248			81,925
Operating Partnership		262,180			356,111
Total equity		4,423,193			4,455,032
Total liabilities and equity	$	8,496,480		$	8,494,562

Paramount Group, Inc.

Consolidated Statements of Income

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


			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2022			2021			2022			2021
Revenues:
	Rental revenue		$	179,250		$	170,851		$	526,415		$	518,625
	Fee and other income			7,897			8,280			29,934			23,941
		Total revenues		187,147			179,131			556,349			542,566
Expenses:
	Operating			72,845			67,131			207,320			197,821
	Depreciation and amortization			58,284			57,522			171,306			175,752
	General and administrative			13,150			13,257			45,501			46,039
	Transaction related costs			105			87			381			503
		Total expenses		144,384			137,997			424,508			420,115
Other income (expense):
	(Loss) income from unconsolidated joint ventures			(5,797	)		223			(15,326	)		(20,810	)
	Income from unconsolidated real estate funds			300			276			625			604
	Interest and other income, net			1,580			138			2,607			2,510
	Interest and debt expense			(36,949	)		(36,266	)		(106,804	)		(105,919	)
Income (loss) before income taxes				1,897			5,505			12,943			(1,164	)
	Income tax expense			(673	)		(873	)		(1,559	)		(2,448	)
Net income (loss)				1,224			4,632			11,384			(3,612	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures			(4,179	)		(3,768	)		(12,383	)		(16,924	)
	Consolidated real estate fund			1,309			(3,123	)		2,677			(3,179	)
	Operating Partnership			109			204			(204	)		2,139
Net (loss) income attributable to common stockholders			$	(1,537	)	$	(2,055	)	$	1,474		$	(21,576	)

Per Share:
Basic			$	(0.01	)	$	(0.01	)	$	0.01		$	(0.10	)
Diluted			$	(0.01	)	$	(0.01	)	$	0.01		$	(0.10	)

Weighted average common shares outstanding:
Basic				224,864,791			218,706,356			222,228,605			218,689,696
Diluted				224,864,791			218,706,356			222,262,748			218,689,696

Paramount Group, Inc.

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

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


				For the Three Months Ended						For the Nine Months Ended
				September 30,						September 30,
				2022			2021			2022			2021
Reconciliation of Net Income (Loss) to FFO and Core FFO:
	Net income (loss)			$	1,224		$	4,632		$	11,384		$	(3,612	)
	Real estate depreciation and amortization (including our
		share of unconsolidated joint ventures)			68,009			67,717			201,069			207,122
	FFO				69,233			72,349			212,453			203,510
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,408	)		(13,895	)		(39,868	)		(47,422	)
		Consolidated real estate fund			1,304			(3,127	)		2,659			(3,183	)
	FFO attributable to Paramount Group Operating Partnership				57,129			55,327			175,244			152,905
	Less FFO attributable to noncontrolling interests in
		Operating Partnership			(3,763	)		(5,009	)		(13,683	)		(13,770	)
	FFO attributable to common stockholders			$	53,366		$	50,318		$	161,561		$	139,135
	Per diluted share			$	0.24		$	0.23		$	0.73		$	0.64

	FFO			$	69,233		$	72,349		$	212,453		$	203,510
	Non-core items:
		Adjustment to equity in earnings for contributions to
			(distributions from) an unconsolidated joint venture		709			(938	)		294			8,977
		FFO attributable to One Steuart Lane, including after-tax
			net gain on sale of residential condominium units		1,509			(3,267	)		3,283			(3,267	)
		Non-cash write-off of deferred financing costs			-			761			-			761
		Other, net			126			53			420			432
	Core FFO				71,577			68,958			216,450			210,413
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,408	)		(13,895	)		(39,868	)		(47,422	)
		Consolidated real estate fund			(94	)		(9	)		(381	)		(65	)
	Core FFO attributable to Paramount Group Operating
		Partnership			58,075			55,054			176,201			162,926
	Less Core FFO attributable to noncontrolling interests in
		Operating Partnership			(3,826	)		(4,985	)		(13,741	)		(14,677	)
	Core FFO attributable to common stockholders			$	54,249		$	50,069		$	162,460		$	148,249
	Per diluted share			$	0.24		$	0.23		$	0.73		$	0.68

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding				224,864,791			218,706,356			222,228,605			218,689,696
	Effect of dilutive securities				28,555			44,880			34,143			41,461
	Denominator for FFO and Core FFO per diluted share				224,893,346			218,751,236			222,262,748			218,731,157

Paramount Group, Inc.

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

(Unaudited and in thousands)


			For the Three Months Ended						For the Nine Months Ended
			September 30,						September 30,
			2022			2021			2022			2021
Reconciliation of Net Income (Loss) to Same Store NOI and Same Store Cash NOI:
	Net income (loss)		$	1,224		$	4,632		$	11,384		$	(3,612	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization		58,284			57,522			171,306			175,752
		General and administrative		13,150			13,257			45,501			46,039
		Interest and debt expense		36,949			36,266			106,804			105,919
		Income tax expense		673			873			1,559			2,448
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		11,540			11,627			34,359			32,510
		Loss (income) from unconsolidated joint ventures		5,797			(223	)		15,326			20,810
		Fee income		(5,132	)		(6,561	)		(23,094	)		(19,432	)
		Interest and other income, net		(1,580	)		(138	)		(2,607	)		(2,510	)
		Other, net		(195	)		(189	)		(244	)		(101	)
	NOI			120,710			117,066			360,294			357,823
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures		(21,222	)		(21,809	)		(63,340	)		(70,767	)
		Consolidated real estate fund		-			-			-			206
	PGRE's share of NOI			99,488			95,257			296,954			287,262
		Acquisitions / Redevelopment		(155	)		(693	)		(366	)		(924	)
		Lease termination income		-			(33	)		(1,875	)		(1,745	)
		Other, net		2,893			1,642			6,470			4,686
	PGRE's share of Same Store NOI		$	102,226		$	96,173		$	301,183		$	289,279

	NOI		$	120,710		$	117,066		$	360,294		$	357,823
	Less:
		Straight-line rent adjustments (including our share of unconsolidated joint ventures)		(3,969	)		1,260			(8,288	)		(9,800	)
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(790	)		(1,622	)		(3,115	)		(5,087	)
	Cash NOI			115,951			116,704			348,891			342,936
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures		(19,988	)		(21,174	)		(61,194	)		(64,313	)
		Consolidated real estate fund		-			-			-			206
	PGRE's share of Cash NOI			95,963			95,530			287,697			278,829
		Acquisitions / Redevelopment		(154	)		(861	)		(396	)		(1,148	)
		Lease termination income		-			(33	)		(1,875	)		(1,745	)
		Other, net		894			1,672			4,105			4,507
	PGRE's share of Same Store Cash NOI		$	96,703		$	96,308		$	289,531		$	280,443

EX-99.02 3 pgre-ex99_02.htm EX-99.02 EX-99.02

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 negative impact of the coronavirus 2019 (COVID-19) global pandemic on the U.S., regional and global economies and our tenants' financial condition and results of operations; the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; 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 rising inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

- 2 -


		TABLE OF CONTENTS


		Page
Company Profile		4

Research Coverage		5

Selected Financial Information
	Guidance	6
	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 Results	17 - 20
	Consolidated Joint Ventures and Fund	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Capital Structure	33
	Debt Analysis	34
	Debt Maturities	35

Selected Property Data
	Portfolio Summary	36 - 37
	Same Store Leased Occupancy	38 - 39
	Top Tenants and Industry Diversification	40
	Leasing Activity	41 - 42
	Lease Expirations	43 - 45
	Cash Basis Capital Expenditures	46 - 47


Definitions		48 - 49

- 3 -


		COMPANY PROFILE

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

MANAGEMENT


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

BOARD OF DIRECTORS


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

COMPANY INFORMATION


Corporate Headquarters	Investor Relations	Stock Exchange Listing	Trading Symbol
1633 Broadway, Suite 1801	IR@pgre.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

- 4 -


		RESEARCH COVERAGE (1)


Jeffrey Spector	Thomas Catherwood	Derek Johnston
Bank of America Merrill Lynch	BTIG	Deutsche Bank
(646) 855-1363	(212) 738-6140	(904) 520-4973
jeff.spector@bofa.com	tcatherwood@btig.com	derek.johnston@db.com

Steve Sakwa	Daniel Ismail	Vikram Malhotra
Evercore ISI	Green Street Advisors	Mizuho Securities USA Inc.
(212) 446-9462	(949) 640-8780	(212) 282-3827
steve.sakwa@evercoreisi.com	dismail@greenst.com	vikram.malhotra@mizuhogroup.com

Ronald Kamdem	Blaine Heck	Andrew Rosivach
Morgan Stanley	Wells Fargo	Wolfe Research
(212) 296-8319	(443) 263-6529	(646) 582-9250
ronald.kamdem@morganstanley.com	blaine.heck@wellsfargo.com	arosivach@wolferesearch.com

(1)

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

- 5 -


		GUIDANCE

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


				Full Year 2022
(Amounts per diluted share)				Low			High
			Estimated net income attributable to common stockholders	$	-		$	0.02
			Our share of real estate depreciation and amortization		0.96			0.96
			Estimated Core FFO (1)(2)	$	0.96		$	0.98

	Operating Assumptions:
		Leasing Activity (square feet)			825,000			1,025,000
		PGRE's share of Same Store Leased % (2) at year end			91.2	%		91.6	%
		Increase in PGRE's share of Same Store Cash NOI (2)			1.5	%		2.5	%
		Increase in PGRE's share of Same Store NOI (2)			3.5	%		4.5	%

	Financial Assumptions (at share):
		Estimated net income		$	-		$	6,000
			Depreciation and amortization		230,000			230,000
			General and administrative expenses		60,500			59,500
			Interest and debt expense, including amortization of deferred financing costs		135,500			134,500
			Fee income, net of income taxes		(30,500	)		(31,500	)
		NOI (2)			395,500			398,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(13,500	)		(14,500	)
		Cash NOI (2)		$	382,000		$	384,000

(1)

We are updating our Estimated Core FFO Guidance for the full year of 2022, which is reconciled above to estimated net income attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The estimated net income attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission ("SEC"). Except as described above, these estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on October 26, 2022 and otherwise to be referenced during our conference call scheduled for October 27, 2022. 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 fund investments. The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the COVID-19 global pandemic. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

(2)

See page 48 for our definition of this measure.

- 6 -


		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)


			Three Months Ended									Nine Months Ended
SELECTED FINANCIAL DATA			September 30, 2022			September 30, 2021			June 30, 2022			September 30, 2022		September 30, 2021
	Net (loss) income attributable to common stockholders		$	(1,537	)	$	(2,055	)	$	(360	)	$	1,474	$	(21,576	)
		Per share - basic and diluted	$	(0.01	)	$	(0.01	)	$	(0.00	)	$	0.01	$	(0.10	)

	Core FFO attributable to common stockholders (1)		$	54,249		$	50,069		$	53,633		$	162,460	$	148,249
		Per share - diluted	$	0.24		$	0.23		$	0.24		$	0.73	$	0.68

	PGRE's share of Cash NOI (1)		$	95,963		$	95,530		$	95,516		$	287,697	$	278,829
	PGRE's share of NOI (1)		$	99,488		$	95,257		$	101,518		$	296,954	$	287,262


Same Store Cash NOI (1)	% Change			Same Store NOI (1)	% Change
Three Months Ended September 30, 2022 vs. September 30, 2021		0.4	%	Three Months Ended September 30, 2022 vs. September 30, 2021		6.3	%
Nine Months Ended September 30, 2022 vs. September 30, 2021		3.2	%	Nine Months Ended September 30, 2022 vs. September 30, 2021		4.1	%

PORTFOLIO STATISTICS (at PGRE Share)


	As of
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Leased % (1)		91.4	%		91.4	%		90.6	%		90.7	%		90.3	%


Same Store Leased % (1)	% Change			Same Store Leased % (1)	% Change
September 30, 2022 vs. June 30, 2022		-	%	September 30, 2022 vs. September 30, 2021		1.2	%
September 30, 2022 vs. December 31, 2021		0.8	%

COMMON SHARE DATA


		Three Months Ended
Share Price:		September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
	High	$	7.95		$	11.04		$	11.54		$	9.53		$	10.32
	Low	$	6.00		$	7.08		$	8.22		$	7.79		$	8.35
	Closing (end of period)	$	6.23		$	7.23		$	10.91		$	8.34		$	8.99

Dividends per common share		$	0.0775		$	0.0775		$	0.0775		$	0.07		$	0.07
Annualized dividends per common share		$	0.31		$	0.31		$	0.31		$	0.28		$	0.28
Dividend yield (on closing share price)			5.0	%		4.3	%		2.8	%		3.4	%		3.1	%

(1)

See page 48 for our definition of this measure.

- 7 -


		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


			September 30, 2022			December 31, 2021
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,152,652			6,061,824
				8,118,889			8,028,061
		Accumulated depreciation and amortization		(1,248,059	)		(1,112,977	)
	Real estate, net			6,870,830			6,915,084
	Cash and cash equivalents			469,398			524,900
	Restricted cash			40,456			4,766
	Investments in unconsolidated joint ventures			428,785			408,096
	Investments in unconsolidated real estate funds			14,558			11,421
	Accounts and other receivables			19,865			15,582
	Deferred rent receivable			340,540			332,735
	Deferred charges, net			123,864			122,177
	Intangible assets, net			97,371			119,413
	Other assets			90,813			40,388
Total assets			$	8,496,480		$	8,494,562

Liabilities:
	Notes and mortgages payable, net		$	3,839,144		$	3,835,620
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			152,371			116,192
	Dividends and distributions payable			18,564			16,895
	Intangible liabilities, net			39,037			45,328
	Other liabilities			24,171			25,495
Total liabilities				4,073,287			4,039,530

Equity:
	Paramount Group, Inc. equity			3,674,363			3,588,163
	Noncontrolling interests in:
		Consolidated joint ventures		407,402			428,833
		Consolidated real estate fund		79,248			81,925
		Operating Partnership		262,180			356,111
Total equity				4,423,193			4,455,032

Total liabilities and equity			$	8,496,480		$	8,494,562

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)


		Three Months Ended									Nine Months Ended
		September 30, 2022			September 30, 2021			June 30, 2022			September 30, 2022			September 30, 2021
Revenues:
	Rental revenue (1)	$	179,250		$	170,851		$	177,243		$	526,415		$	518,625
	Fee and other income (1)		7,897			8,280			8,274			29,934			23,941
Total revenues			187,147			179,131			185,517			556,349			542,566

Expenses:
	Operating		72,845			67,131			67,814			207,320			197,821
	Depreciation and amortization		58,284			57,522			57,398			171,306			175,752
	General and administrative		13,150			13,257			16,706			45,501			46,039
	Transaction related costs		105			87			159			381			503
Total expenses			144,384			137,997			142,077			424,508			420,115

Other income (expense):
	(Loss) income from unconsolidated joint ventures		(5,797	)		223			(4,416	)		(15,326	)		(20,810	)
	Income from unconsolidated real estate funds		300			276			155			625			604
	Interest and other income, net (1)		1,580			138			796			2,607			2,510
	Interest and debt expense (1)		(36,949	)		(36,266	)		(35,578	)		(106,804	)		(105,919	)
Income (loss) before income taxes			1,897			5,505			4,397			12,943			(1,164	)
	Income tax expense		(673	)		(873	)		(359	)		(1,559	)		(2,448	)
Net income (loss)			1,224			4,632			4,038			11,384			(3,612	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(4,179	)		(3,768	)		(4,779	)		(12,383	)		(16,924	)
	Consolidated real estate fund		1,309			(3,123	)		352			2,677			(3,179	)
	Operating Partnership		109			204			29			(204	)		2,139
Net (loss) income attributable to common stockholders		$	(1,537	)	$	(2,055	)	$	(360	)	$	1,474		$	(21,576	)
	Per diluted share	$	(0.01	)	$	(0.01	)	$	(0.00	)	$	0.01		$	(0.10	)

(1)

See page 10 for details.

- 9 -


		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)


		Three Months Ended								Nine Months Ended
Rental Revenue:		September 30, 2022			September 30, 2021			June 30, 2022		September 30, 2022		September 30, 2021
	Property rentals	$	159,549		$	159,624		$	158,519	$	474,990	$	469,593
	Tenant reimbursements		15,978			12,212			12,462		40,972		33,696
	Straight-line rent adjustments		3,807			(1,707	)		5,790		7,808		7,925
	Amortization of above and below-market leases, net		(84	)		722			315		589		2,335
	Lease termination income		-			-			157		2,056		5,076
Total rental revenue		$	179,250		$	170,851		$	177,243	$	526,415	$	518,625


			Three Months Ended						Nine Months Ended
Fee and Other Income:			September 30, 2022		September 30, 2021		June 30, 2022		September 30, 2022		September 30, 2021
	Asset management		$	3,166	$	3,280	$	3,087	$	9,138	$	10,175
	Property management			1,849		2,176		2,103		6,171		6,457
	Acquisition, disposition, leasing and other			117		1,105		784		7,785		2,800
	Total fee income			5,132		6,561		5,974		23,094		19,432
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		2,765		1,719		2,300		6,840		4,509
Total fee and other income			$	7,897	$	8,280	$	8,274	$	29,934	$	23,941


			Three Months Ended							Nine Months Ended
Interest and Other Income, net:			September 30, 2022		September 30, 2021			June 30, 2022		September 30, 2022		September 30, 2021
	Interest income, net		$	1,580	$	221		$	796	$	2,607	$	1,008
	Mark-to-market of deferred compensation plan assets (offset by
		(decrease) increase in the mark-to-market of plan liabilities,
		which is included in "general and administrative" expenses) (1)		-		(83	)		-		-		1,502
Total interest and other income, net			$	1,580	$	138		$	796	$	2,607	$	2,510

(1)

In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants.


		Three Months Ended							Nine Months Ended
Interest and Debt Expense:		September 30, 2022		September 30, 2021			June 30, 2022		September 30, 2022		September 30, 2021
	Interest expense	$	35,412	$	33,600		$	34,039	$	102,190	$	98,613
	Amortization of deferred financing costs		1,537		2,666	(1)		1,539		4,614		7,306	(1)
Total interest and debt expense		$	36,949	$	36,266		$	35,578	$	106,804	$	105,919

(1)

Includes $761 of expense from the non‐cash write‐off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.

- 10 -


		FFO

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


			Three Months Ended									Nine Months Ended
			September 30, 2022			September 30, 2021			June 30, 2022			September 30, 2022			September 30, 2021
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	1,224		$	4,632		$	4,038		$	11,384		$	(3,612	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		68,009			67,717			67,235			201,069			207,122
	FFO (1)			69,233			72,349			71,273			212,453			203,510
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,408	)		(13,895	)		(13,945	)		(39,868	)		(47,422	)
		Consolidated real estate fund		1,304			(3,127	)		346			2,659			(3,183	)
	FFO attributable to Paramount Group Operating Partnership			57,129			55,327			57,674			175,244			152,905
	Less FFO attributable to noncontrolling interests in Operating Partnership			(3,763	)		(5,009	)		(4,352	)		(13,683	)		(13,770	)
	FFO attributable to common stockholders (1)		$	53,366		$	50,318		$	53,322		$	161,561		$	139,135
	Per diluted share		$	0.24		$	0.23		$	0.24		$	0.73		$	0.64

	FFO		$	69,233		$	72,349		$	71,273		$	212,453		$	203,510
	Non-core items:
		Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		709			(938	)		168			294			8,977
		FFO attributable to One Steuart Lane, including after-tax net gain on sale of residential condominium units		1,509			(3,267	)		512			3,283			(3,267	)
		Non-cash write-off of deferred financing costs		-			761			-			-			761
		Other, net		126			53			130			420			432
	Core FFO (1)			71,577			68,958			72,083			216,450			210,413
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,408	)		(13,895	)		(13,945	)		(39,868	)		(47,422	)
		Consolidated real estate fund		(94	)		(9	)		(128	)		(381	)		(65	)
	Core FFO attributable to Paramount Group Operating Partnership			58,075			55,054			58,010			176,201			162,926
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(3,826	)		(4,985	)		(4,377	)		(13,741	)		(14,677	)
	Core FFO attributable to common stockholders (1)		$	54,249		$	50,069		$	53,633		$	162,460		$	148,249
	Per diluted share		$	0.24		$	0.23		$	0.24		$	0.73		$	0.68

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			224,864,791			218,706,356			222,971,886			222,228,605			218,689,696
	Effect of dilutive securities			28,555			44,880			26,594			34,143			41,461
	Denominator for FFO and Core FFO per diluted share			224,893,346			218,751,236			222,998,480			222,262,748			218,731,157

(1)

See page 48 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)


				Three Months Ended										Nine Months Ended
				September 30, 2022			September 30, 2021				June 30, 2022			September 30, 2022			September 30, 2021
Reconciliation of Core FFO to FAD:
	Core FFO			$	71,577		$	68,958			$	72,083		$	216,450		$	210,413
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at FAD:
		Straight-line rent adjustments			(3,969	)		1,260				(5,977	)		(8,288	)		(9,800	)
		Amortization of above and below-market leases, net			(790	)		(1,622	)			(1,128	)		(3,115	)		(5,087	)
		Amortization of deferred financing costs			1,909			2,298		(1)		1,935			5,793			7,583		(1)
		Amortization of stock-based compensation expense			4,149			4,192				4,142			14,853			14,421
		Expenditures to maintain assets			(11,834	)		(12,446	)			(13,065	)		(36,127	)		(22,930	)
		Second generation tenant improvements
			and leasing commissions		(12,428	)		(15,240	)			(16,474	)		(43,193	)		(45,348	)
	FAD (2)				48,614			47,400				41,516			146,373			149,252
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(8,391	)		(9,971	)			(7,757	)		(27,493	)		(22,989	)
		Consolidated real estate fund			(152	)		(75	)			(205	)		(600	)		(131	)
	FAD attributable to Paramount Group Operating Partnership				40,071			37,354				33,554			118,280			126,132
	Less FAD attributable to noncontrolling interests in Operating Partnership				(2,640	)		(3,382	)			(2,532	)		(9,286	)		(11,354	)
	FAD attributable to common stockholders (2) (3)			$	37,431		$	33,972			$	31,022		$	108,994		$	114,778

	Dividends declared on common stock			$	17,269		$	15,327			$	17,485		$	51,734		$	45,981

(1)

Excludes $761 of expense from the non‐cash write‐off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.

(2)

See page 48 for our definition of this measure.

(3)

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.

- 12 -


		EBITDAre

(unaudited and in thousands)


			Three Months Ended									Nine Months Ended
			September 30, 2022			September 30, 2021			June 30, 2022			September 30, 2022			September 30, 2021
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)		$	1,224		$	4,632		$	4,038		$	11,384		$	(3,612	)
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization		68,009			67,717			67,235			201,069			207,122
		Interest and debt expense		43,516			42,978			41,882			126,310			123,421
		Income tax expense		674			881			366			1,580			2,463
	EBITDAre (1)			113,423			116,208			113,521			340,343			329,394
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(21,362	)		(21,827	)		(21,830	)		(63,529	)		(70,811	)
		Consolidated real estate fund		346			(4,251	)		(409	)		(167	)		(4,314	)
	PGRE's share of EBITDAre (1)		$	92,407		$	90,130		$	91,282		$	276,647		$	254,269



	EBITDAre		$	113,423		$	116,208		$	113,521		$	340,343		$	329,394
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		709			(938	)		168			294			8,977
		EBITDAre attributable to One Steuart Lane, including net gain on sale of residential condominium units		475			(4,586	)		(304	)		233			(4,586	)
		Other, net		(305	)		(263	)		(105	)		(569	)		(204	)
	Adjusted EBITDAre (1)			114,302			110,421			113,280			340,301			333,581
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(21,362	)		(21,827	)		(21,830	)		(63,529	)		(70,811	)
	PGRE's share of Adjusted EBITDAre (1)		$	92,940		$	88,594		$	91,450		$	276,772		$	262,770

(1)

See page 48 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)


				Three Months Ended									Nine Months Ended
				September 30, 2022			September 30, 2021			June 30, 2022			September 30, 2022			September 30, 2021
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	1,224		$	4,632		$	4,038		$	11,384		$	(3,612	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,284			57,522			57,398			171,306			175,752
		General and administrative			13,150			13,257			16,706			45,501			46,039
		Interest and debt expense			36,949			36,266			35,578			106,804			105,919
		Income tax expense			673			873			359			1,559			2,448
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,540			11,627			11,585			34,359			32,510
		Loss (income) from unconsolidated joint ventures			5,797			(223	)		4,416			15,326			20,810
		Fee income			(5,132	)		(6,561	)		(5,974	)		(23,094	)		(19,432	)
		Interest and other income, net			(1,580	)		(138	)		(796	)		(2,607	)		(2,510	)
		Other, net			(195	)		(189	)		4			(244	)		(101	)
	NOI (1)				120,710			117,066			123,314			360,294			357,823
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,222	)		(21,809	)		(21,796	)		(63,340	)		(70,767	)
		Consolidated real estate fund			-			-			-			-			206
	PGRE's share of NOI (1)			$	99,488		$	95,257		$	101,518		$	296,954		$	287,262

	NOI			$	120,710		$	117,066		$	123,314		$	360,294		$	357,823
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(3,969	)		1,260			(5,977	)		(8,288	)		(9,800	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(790	)		(1,622	)		(1,128	)		(3,115	)		(5,087	)
	Cash NOI (1)				115,951			116,704			116,209			348,891			342,936
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,988	)		(21,174	)		(20,693	)		(61,194	)		(64,313	)
		Consolidated real estate fund			-			-			-			-			206
	PGRE's share of Cash NOI (1)			$	95,963		$	95,530		$	95,516		$	287,697		$	278,829

(1)

See page 48 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)


				Three Months Ended September 30, 2022
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	1,224		$	2,701		$	10,276		$	(11,753	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,284			39,155			17,918			1,211
		General and administrative			13,150			-			-			13,150
		Interest and debt expense			36,949			23,392			12,794			763
		Income tax expense			673			5			-			668
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,540			3,556			7,837			147
		Loss (income) from unconsolidated joint ventures			5,797			(7	)		4,384			1,420
		Fee income			(5,132	)		-			-			(5,132	)
		Interest and other income, net			(1,580	)		(236	)		(201	)		(1,143	)
		Other, net			(195	)		-			-			(195	)
	NOI (1)				120,710			68,566			53,008			(864	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,222	)		(2,383	)		(18,839	)		-
	PGRE's share of NOI for the three months ended September 30, 2022			$	99,488		$	66,183		$	34,169		$	(864	)
	PGRE's share of NOI for the three months ended September 30, 2021			$	95,257		$	62,599		$	34,310		$	(1,652	)


	NOI			$	120,710		$	68,566		$	53,008		$	(864	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(3,969	)		1,514			(5,453	)		(30	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(790	)		708			(1,498	)		-
	Cash NOI (1)				115,951			70,788			46,057			(894	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,988	)		(2,775	)		(17,213	)		-
	PGRE's share of Cash NOI for the three months ended September 30, 2022			$	95,963		$	68,013		$	28,844		$	(894	)
	PGRE's share of Cash NOI for the three months ended September 30, 2021			$	95,530		$	64,791		$	32,421		$	(1,682	)

(1)

See page 48 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)


				Nine Months Ended September 30, 2022
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	11,384		$	18,732		$	27,705		$	(35,053	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			171,306			115,439			52,782			3,085
		General and administrative			45,501			-			-			45,501
		Interest and debt expense			106,804			66,465			38,054			2,285
		Income tax expense			1,559			7			4			1,548
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			34,359			9,902			24,162			295
		Loss (income) from unconsolidated joint ventures			15,326			(4	)		12,164			3,166
		Fee income			(23,094	)		-			-			(23,094	)
		Interest and other income, net			(2,607	)		(282	)		(280	)		(2,045	)
		Other, net			(244	)		-			-			(244	)
	NOI (1)				360,294			210,259			154,591			(4,556	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(63,340	)		(7,808	)		(55,532	)		-
	PGRE's share of NOI for the nine months ended September 30, 2022			$	296,954		$	202,451		$	99,059		$	(4,556	)
	PGRE's share of NOI for the nine months ended September 30, 2021			$	287,262		$	188,260		$	103,994		$	(4,992	)


	NOI			$	360,294		$	210,259		$	154,591		$	(4,556	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(8,288	)		883			(9,201	)		30
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(3,115	)		1,597			(4,712	)		-
	Cash NOI (1)				348,891			212,739			140,678			(4,526	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(61,194	)		(8,459	)		(52,735	)		-
	PGRE's share of Cash NOI for the nine months ended September 30, 2022			$	287,697		$	204,280		$	87,943		$	(4,526	)
	PGRE's share of Cash NOI for the nine months ended September 30, 2021			$	278,829		$	189,601		$	94,190		$	(4,962	)

(1)

See page 48 for our definition of this measure

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Three Months Ended September 30, 2022
			Total			New York			San Francisco		Other
	PGRE's share of Cash NOI for the three months ended September 30, 2022		$	95,963		$	68,013		$	28,844	$	(894	)
		Acquisitions / Redevelopment (2) (3)		(154	)		(154	)		-		-
		Other, net		894			-			-		894
	PGRE's share of Same Store Cash NOI for the three months ended
		September 30, 2022	$	96,703		$	67,859		$	28,844	$	-


		Three Months Ended September 30, 2021
		Total			New York			San Francisco			Other
PGRE's share of Cash NOI for the three months ended September 30, 2021		$	95,530		$	64,791		$	32,421		$	(1,682	)
	Acquisitions / Redevelopment (3)		(861	)		(861	)		-			-
	Lease termination income		(33	)		(33	)		-			-
	Other, net		1,672			-			(10	)		1,682
PGRE's share of Same Store Cash NOI for the three months ended
	September 30, 2021	$	96,308		$	63,897		$	32,411		$	-

Increase (decrease) in PGRE's share of Same Store Cash NOI		$	395		$	3,962		$	(3,567	)	$	-
% Increase (decrease)			0.4	%		6.2	%		(11.0	%)

(1)

See page 48 for our definition of this measure.

(2)

Represents our share of Cash NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

(3)

Represents our share of Cash NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 17 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE NOI (1)			Three Months Ended September 30, 2022
			Total			New York			San Francisco		Other
	PGRE's share of NOI for the three months ended September 30, 2022		$	99,488		$	66,183		$	34,169	$	(864	)
		Acquisitions / Redevelopment (2) (3)		(155	)		(155	)		-		-
		Other, net		2,893			2,029			-		864
	PGRE's share of Same Store NOI for the three months ended
		September 30, 2022	$	102,226		$	68,057		$	34,169	$	-


		Three Months Ended September 30, 2021
		Total			New York			San Francisco			Other
PGRE's share of NOI for the three months ended September 30, 2021		$	95,257		$	62,599		$	34,310		$	(1,652	)
	Acquisitions / Redevelopment (3)		(693	)		(693	)		-			-
	Lease termination income		(33	)		(33	)		-			-
	Other, net		1,642			-			(10	)		1,652
PGRE's share of Same Store NOI for the three months ended
	September 30, 2021	$	96,173		$	61,873		$	34,300		$	-

Increase (decrease) in PGRE's share of Same Store NOI		$	6,053		$	6,184		$	(131	)	$	-
% Increase (decrease)			6.3	%		10.0	%		(0.4	%)

(1)

See page 48 for our definition of this measure.

(2)

Represents our share of NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

(3)

Represents our share of NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 18 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Nine Months Ended September 30, 2022
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the nine months ended September 30, 2022		$	287,697		$	204,280		$	87,943		$	(4,526	)
		Acquisitions / Redevelopment (2) (3)		(396	)		(396	)		-			-
		Lease termination income		(1,875	)		(1,875	)		-			-
		Other, net		4,105			(200	)		(221	)		4,526
	PGRE's share of Same Store Cash NOI for the nine months ended
		September 30, 2022	$	289,531		$	201,809		$	87,722		$	-


		Nine Months Ended September 30, 2021
		Total			New York			San Francisco			Other
PGRE's share of Cash NOI for the nine months ended September 30, 2021		$	278,829		$	189,601		$	94,190		$	(4,962	)
	Acquisitions / Redevelopment (3)		(1,148	)		(1,148	)		-			-
	Lease termination income		(1,745	)		(161	)		(1,584	)		-
	Other, net		4,507			(245	)		(210	)		4,962
PGRE's share of Same Store Cash NOI for the nine months ended
	September 30, 2021	$	280,443		$	188,047		$	92,396		$	-

Increase (decrease) in PGRE's share of Same Store Cash NOI		$	9,088		$	13,762		$	(4,674	)	$	-
% Increase (decrease)			3.2	%		7.3	%		(5.1	%)

(1)

See page 48 for our definition of this measure.

(2)

Represents our share of Cash NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

(3)

Represents our share of Cash NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 19 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE NOI (1)			Nine Months Ended September 30, 2022
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the nine months ended September 30, 2022		$	296,954		$	202,451		$	99,059		$	(4,556	)
		Acquisitions / Redevelopment (2) (3)		(366	)		(366	)		-			-
		Lease termination income		(1,875	)		(1,875	)		-			-
		Other, net		6,470			2,135			(221	)		4,556
	PGRE's share of Same Store NOI for the nine months ended
		September 30, 2022	$	301,183		$	202,345		$	98,838		$	-


		Nine Months Ended September 30, 2021
		Total			New York			San Francisco			Other
PGRE's share of NOI for the nine months ended September 30, 2021		$	287,262		$	188,260		$	103,994		$	(4,992	)
	Acquisitions / Redevelopment (3)		(924	)		(924	)		-			-
	Lease termination income		(1,745	)		(161	)		(1,584	)		-
	Other, net		4,686			(103	)		(203	)		4,992
PGRE's share of Same Store NOI for the nine months ended
	September 30, 2021	$	289,279		$	187,072		$	102,207		$	-

Increase (decrease) in PGRE's share of Same Store NOI		$	11,904		$	15,273		$	(3,369	)	$	-
% Increase (decrease)			4.1	%		8.2	%		(3.3	%)

(1)

See page 48 for our definition of this measure.

(2)

Represents our share of NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

(3)

Represents our share of NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

- 20 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)


		As of September 30, 2022
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated		1633		One Market		300 Mission		Residential
		Joint Ventures		Broadway		Plaza		Street		Development Fund
PGRE Ownership				90.0%		49.0%		31.1%		7.4%
Assets:
	Real estate, net	$	3,375,154	$	1,726,016	$	1,168,407	$	480,731	$	-
	Cash and cash equivalents		147,299		63,761		45,631		37,907		3,255
	Restricted cash		1,316		78		1,238		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		79,355
	Accounts and other receivables		12,368		4,575		7,022		771		134
	Deferred rent receivable		194,540		107,783		62,512		24,245		-
	Deferred charges, net		51,063		25,427		17,837		7,799		-
	Intangible assets, net		53,275		42,987		8,867		1,421		-
	Other assets		18,776		11,948		6,019		809		3,718
Total Assets		$	3,853,791	$	1,982,575	$	1,317,533	$	553,683	$	86,462

Liabilities:
	Notes and mortgages payable, net	$	2,489,395	$	1,242,864	$	973,531	$	273,000	$	-
	Accounts payable and accrued expenses		66,603		19,165		37,683		9,755		60
	Intangible liabilities, net		23,942		14,460		8,942		540		-
	Other liabilities		4,915		378		4,513		24		501
Total Liabilities			2,584,855		1,276,867		1,024,669		283,319		561

Equity:
	Paramount Group, Inc. equity		861,534		634,621		143,577		83,336		6,653
	Noncontrolling interests		407,402		71,087		149,287		187,028		79,248
Total Equity			1,268,936		705,708		292,864		270,364		85,901

Total Liabilities and Equity		$	3,853,791	$	1,982,575	$	1,317,533	$	553,683	$	86,462

- 21 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2021
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated		1633		One Market		300 Mission		Residential
		Joint Ventures		Broadway		Plaza		Street		Development Fund
PGRE Ownership				90.0%		49.0%		31.1%		7.4%
Assets:
	Real estate, net	$	3,415,735	$	1,760,664	$	1,165,807	$	489,264	$	-
	Cash and cash equivalents		193,905		91,514		63,566		38,825		2,933
	Restricted cash		1,316		78		1,238		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		76,428
	Accounts and other receivables		6,677		5,306		516		855		124
	Deferred rent receivable		197,794		114,558		60,405		22,831		-
	Deferred charges, net		53,013		27,004		17,463		8,546		-
	Intangible assets, net		62,380		48,834		11,001		2,545		-
	Other assets		6,092		644		5,054		394		9,459
Total Assets		$	3,936,912	$	2,048,602	$	1,325,050	$	563,260	$	88,944

Liabilities:
	Notes and mortgages payable, net	$	2,487,871	$	1,242,117	$	972,754	$	273,000	$	-
	Accounts payable and accrued expenses		54,675		21,782		23,775		9,118		63
	Intangible liabilities, net		27,674		16,006		10,994		674		-
	Other liabilities		6,427		1,994		4,430		3		-
Total Liabilities			2,576,647		1,281,899		1,011,953		282,795		63

Equity:
	Paramount Group, Inc. equity		931,432		691,275		153,487		86,670		6,956
	Noncontrolling interests		428,833		75,428		159,610		193,795		81,925
Total Equity			1,360,265		766,703		313,097		280,465		88,881

Total Liabilities and Equity		$	3,936,912	$	2,048,602	$	1,325,050	$	563,260	$	88,944

- 22 -


		CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended September 30, 2022
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated			1633			One Market			300 Mission			Residential
		Joint Ventures			Broadway			Plaza			Street			Development Fund
Total revenues		$	98,186		$	47,972		$	38,083		$	12,131		$	-
Total operating expenses			34,491			19,894			10,401			4,196			-
Net operating income (1)			63,695			28,078			27,682			7,935			-
Depreciation and amortization			(27,975	)		(14,075	)		(9,824	)		(4,076	)		-
Interest and other income, net			439			237			120			82			110
Interest and debt expense			(22,602	)		(9,808	)		(10,303	)		(2,491	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(1,516	)
Income (loss) before income taxes			13,557			4,432			7,675			1,450			(1,406	)
Income tax expense			(5	)		(5	)		-			-			-
Net income (loss)		$	13,552		$	4,427		$	7,675		$	1,450		$	(1,406	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	8,198		$	3,984		$	3,765		$	449		$	(97	)
	Add: Management fee income		1,175			427			178			570			-
	PGRE's share of net income (loss)		9,373			4,411			3,943			1,019			(97	)
	Add: Real estate depreciation and amortization		18,746			12,667			4,813			1,266			2
	FFO (1)		28,119			17,078			8,756			2,285			(95	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			111
	Core FFO (1)	$	28,119		$	17,078		$	8,756		$	2,285		$	16

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	5,354		$	443		$	3,910		$	1,001		$	(1,309	)
	Less: Management fee expense		(1,175	)		(427	)		(178	)		(570	)		-
	Net income (loss) attributable to noncontrolling interests		4,179			16			3,732			431			(1,309	)
	Add: Real estate depreciation and amortization		9,229			1,408			5,011			2,810			5
	FFO (1)		13,408			1,424			8,743			3,241			(1,304	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			1,398
	Core FFO (1)	$	13,408		$	1,424		$	8,743		$	3,241		$	94

(1)

See page 48 for our definition of this measure.

- 23 -


		CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended September 30, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated			1633			One Market			300 Mission			Residential
		Joint Ventures			Broadway			Plaza			Street			Development Fund
Total revenues		$	97,441		$	47,888		$	36,087		$	13,466		$	-
Total operating expenses			31,629			17,858			9,676			4,095			-
Net operating income (1)			65,812			30,030			26,411			9,371			-
Depreciation and amortization			(29,376	)		(14,031	)		(10,329	)		(5,016	)		-
Interest and other income (loss), net			30			(3	)		30			3			74
Interest and debt expense			(22,573	)		(9,813	)		(10,303	)		(2,457	)		4
Income from unconsolidated joint ventures			-			-			-			-			3,363
Income before income taxes			13,893			6,183			5,809			1,901			3,441
Income tax expense			(8	)		(7	)		(1	)		-			-
Net income		$	13,885		$	6,176		$	5,808		$	1,901		$	3,441

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income	$	9,001		$	5,565		$	2,846		$	590		$	318
	Add: Management fee income		1,116			423			211			482			-
	PGRE's share of net income		10,117			5,988			3,057			1,072			318
	Add: Real estate depreciation and amortization		19,249			12,629			5,060			1,560			-
	FFO (1)		29,366			18,617			8,117			2,632			318
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(249	)
	Core FFO (1)	$	29,366		$	18,617		$	8,117		$	2,632		$	69

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	4,884		$	611		$	2,962		$	1,311		$	3,123
	Less: Management fee expense		(1,116	)		(423	)		(211	)		(482	)		-
	Net income attributable to noncontrolling interests		3,768			188			2,751			829			3,123
	Add: Real estate depreciation and amortization		10,127			1,402			5,269			3,456			4
	FFO (1)		13,895			1,590			8,020			4,285			3,127
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(3,118	)
	Core FFO (1)	$	13,895		$	1,590		$	8,020		$	4,285		$	9

(1)

See page 48 for our definition of these measures.

- 24 -


		CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS

(unaudited and in thousands)


		Nine Months Ended September 30, 2022
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated			1633			One Market			300 Mission			Residential
		Joint Ventures			Broadway			Plaza			Street			Development Fund
Total revenues		$	293,274		$	147,346		$	109,969		$	35,959		$	-
Total operating expenses			98,098			56,616			30,654			10,828			-
Net operating income (1)			195,176			90,730			79,315			25,131			-
Depreciation and amortization			(83,811	)		(42,561	)		(29,030	)		(12,220	)		-
Interest and other income, net			563			283			179			101			325
Interest and debt expense			(67,166	)		(29,112	)		(30,581	)		(7,473	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(3,303	)
Income (loss) before income taxes			44,762			19,340			19,883			5,539			(2,978	)
Income tax expense			(11	)		(7	)		(2	)		(2	)		(2	)
Net income (loss)		$	44,751		$	19,333		$	19,881		$	5,537		$	(2,980	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	28,860		$	17,401		$	9,742		$	1,717		$	(303	)
	Add: Management fee income		3,508			1,265			564			1,679			-
	PGRE's share of net income (loss)		32,368			18,666			10,306			3,396			(303	)
	Add: Real estate depreciation and amortization		56,326			38,305			14,224			3,797			2
	FFO (1)		88,694			56,971			24,530			7,193			(301	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			243
	Core FFO (1)	$	88,694		$	56,971		$	24,530		$	7,193		$	(58	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	15,891		$	1,932		$	10,139		$	3,820		$	(2,677	)
	Less: Management fee expense		(3,508	)		(1,265	)		(564	)		(1,679	)		-
	Net income (loss) attributable to noncontrolling interests		12,383			667			9,575			2,141			(2,677	)
	Add: Real estate depreciation and amortization		27,485			4,256			14,806			8,423			18
	FFO (1)		39,868			4,923			24,381			10,564			(2,659	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			3,040
	Core FFO (1)	$	39,868		$	4,923		$	24,381		$	10,564		$	381

(1)

See page 48 for our definition of this measure.

- 25 -


		CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS

(unaudited and in thousands)


		Nine Months Ended September 30, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated			1633			One Market			300 Mission			Residential
		Joint Ventures			Broadway			Plaza			Street			Development Fund
Total revenues		$	296,454		$	142,120		$	108,685		$	45,649		$	-
Total operating expenses			91,667			52,667			28,265			10,735			-
Net operating income (1)			204,787			89,453			80,420			34,914			-
Depreciation and amortization			(88,455	)		(42,205	)		(31,210	)		(15,040	)		-
Interest and other income (loss), net			68			(20	)		84			4			327
Interest and debt expense			(66,802	)		(29,149	)		(30,581	)		(7,072	)		-
Loss from unconsolidated joint ventures			-			-			-			-			3,138
Income before income taxes			49,598			18,079			18,713			12,806			3,465
Income tax expense			(14	)		(12	)		(2	)		-			(2	)
Net income		$	49,584		$	18,067		$	18,711		$	12,806		$	3,463

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income	$	29,409		$	16,270		$	9,163		$	3,976		$	284
	Add: Management fee income		3,251			1,250			582			1,419			-
	PGRE's share of net income		32,660			17,520			9,745			5,395			284
	Add: Real estate depreciation and amortization		57,957			37,987			15,292			4,678			-
	FFO (1)		90,617			55,507			25,037			10,073			284
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(249	)
	Core FFO (1)	$	90,617		$	55,507		$	25,037		$	10,073		$	35

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	20,175		$	1,797		$	9,548		$	8,830		$	3,179
	Less: Management fee expense		(3,251	)		(1,250	)		(582	)		(1,419	)		-
	Net income attributable to noncontrolling interests		16,924			547			8,966			7,411			3,179
	Add: Real estate depreciation and amortization		30,498			4,218			15,918			10,362			4
	FFO (1)		47,422			4,765			24,884			17,773			3,183
	Less: FFO attributable to One Steuart Lane		-			-			-			-			(3,118	)
	Core FFO (1)	$	47,422		$	4,765		$	24,884		$	17,773		$	65

(1)

See page 48 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of September 30, 2022
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,410,055	$	212,382		$	630,893	$	361,057	$	214,125	$	991,598
	Cash and cash equivalents		93,083		23,814			41,290		16,570		3,736		7,673
	Restricted cash		121,732		5,546			-		-		2,629		113,557
	Accounts and other receivables		4,702		4,070			217		123		147		145
	Deferred rent receivable		30,849		18,053			5,743		2,941		3,023		1,089
	Deferred charges, net		12,792		9,559			1,255		833		1,145		-
	Intangible assets, net		74,927		-			17,235		12,213		3,024		42,455
	For-sale residential condominium units (2)		322,696		-			-		-		-		322,696
	Other assets		37,017		2,913			23,595		352		298		9,859
Total Assets		$	3,107,853	$	276,337		$	720,228	$	394,089	$	228,127	$	1,489,072

Liabilities:
	Notes and mortgages payable, net	$	1,833,023	$	298,083		$	408,736	$	186,870	$	156,268	$	783,066
	Accounts payable and accrued expenses		50,773		6,152			14,020		4,440		2,837		23,324
	Intangible liabilities, net		12,700		-			2,975		8,195		1,530		-
	Other liabilities		7,361		171			263		154		238		6,535
Total Liabilities			1,903,857		304,406			425,994		199,659		160,873		812,925


Total Equity			1,203,996		(28,069	)		294,234		194,430		67,254		676,147

Total Liabilities and Equity		$	3,107,853	$	276,337		$	720,228	$	394,089	$	228,127	$	1,489,072

(1)

Represents 1600 Broadway, 60 Wall Street, Oder-Center, Germany and One Steuart Lane. In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 27 -


		UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2021
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,246,152	$	212,155		$	644,991	$	368,202	$	216,073	$	804,731
	Cash and cash equivalents		84,672		19,150			27,727		14,684		3,334		19,777
	Restricted cash		132,238		13,488			-		-		3,518		115,232
	Accounts and other receivables		3,144		2,512			113		276		120		123
	Deferred rent receivable		28,939		18,130			5,428		2,274		2,908		199
	Deferred charges, net		12,304		9,399			1,196		366		1,343		-
	Intangible assets, net		58,590		-			26,671		16,396		4,157		11,366
	For-sale residential condominium units (2)		359,638		-			-		-		-		359,638
	Other assets		2,259		189			543		191		110		1,226
Total Assets		$	2,927,936	$	275,023		$	706,669	$	402,389	$	231,563	$	1,312,292

Liabilities:
	Notes and mortgages payable, net	$	1,791,404	$	297,775		$	406,881	$	186,750	$	152,358	$	747,640
	Accounts payable and accrued expenses		52,813		5,615			11,471		4,841		5,115		25,771
	Intangible liabilities, net		18,397		-			5,179		11,033		2,185		-
	Other liabilities		8,284		291			6,380		138		226		1,249
Total Liabilities			1,870,898		303,681			429,911		202,762		159,884		774,660


Total Equity			1,057,038		(28,658	)		276,758		199,627		71,679		537,632

Total Liabilities and Equity		$	2,927,936	$	275,023		$	706,669	$	402,389	$	231,563	$	1,312,292

(1)

Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 28 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended September 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	56,395		$	12,131		$	14,539		$	7,729		$	3,761		$	18,235		(2)
Total operating expenses			34,234			5,330			7,106			3,731			1,532			16,535		(2)
Net operating income (3)			22,161			6,801			7,433			3,998			2,229			1,700
Depreciation and amortization			(17,734	)		(2,753	)		(8,262	)		(4,053	)		(1,848	)		(818	)
Interest and other income (loss), net			471			71			118			34			(3	)		251
Interest and debt expense			(13,967	)		(2,701	)		(3,478	)		(1,857	)		(1,905	)		(4,026	)
(Loss) income before income taxes			(9,069	)		1,418			(4,189	)		(1,878	)		(1,527	)		(2,893	)
Income tax expense			(11	)		-			-			-			-			(11	)
Net (loss) income		$	(9,080	)	$	1,418		$	(4,189	)	$	(1,878	)	$	(1,527	)	$	(2,904	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(5,024	)	$	709		$	(2,811	)	$	(822	)	$	(748	)	$	(1,352	)
	Less: Step-up basis adjustment		(64	)		-			-			(3	)		-			(61	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(709	)		(709	)		-			-			-			-
	PGRE's share of net loss		(5,797	)		-			(2,811	)		(825	)		(748	)		(1,413	)
	Add: Real estate depreciation and amortization		9,725			1,377			5,535			1,790			905			118
	FFO (3)		3,928			1,377			2,724			965			157			(1,295	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		709			709			-			-			-			-
	Less: FFO attributable to One Steuart Lane		1,509			-			-			-			-			1,509
	Core FFO (3)	$	6,146		$	2,086		$	2,724		$	965		$	157		$	214

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(4,056	)	$	709		$	(1,378	)	$	(1,056	)	$	(779	)	$	(1,552	)
	Add: Real estate depreciation and amortization		8,073			1,376			2,727			2,266			943			761
	FFO (3)		4,017			2,085			1,349			1,210			164			(791	)
	Less: FFO attributable to One Steuart Lane		2,735			-			-			-			-			2,735
	Core FFO (3)	$	6,752		$	2,085		$	1,349		$	1,210		$	164		$	1,944

(1)

Represents 1600 Broadway, 60 Wall Street, Oder-Center, Germany and One Steuart Lane. In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 48 for our definition of these measures.

- 29 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended September 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	150,358		$	10,354		$	14,519		$	8,382		$	3,678		$	113,425		(2)
Total operating expenses			102,949			5,989			6,374			3,285			1,720			85,581		(2)
Net operating income (3)			47,409			4,365			8,145			5,097			1,958			27,844
Depreciation and amortization			(26,432	)		(2,629	)		(8,034	)		(4,819	)		(1,763	)		(9,187	)
Interest and other loss, net			(27	)		(7	)		(8	)		(5	)		(2	)		(5	)
Interest and debt expense			(17,503	)		(2,742	)		(3,424	)		(1,857	)		(1,589	)		(7,891	)
Income (loss) before income taxes			3,447			(1,013	)		(3,321	)		(1,584	)		(1,396	)		10,761
Income tax benefit			(17	)		-			(2	)		(15	)		-			-
Net income (loss)		$	3,430		$	(1,013	)	$	(3,323	)	$	(1,599	)	$	(1,396	)	$	10,761

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(672	)	$	(507	)	$	(2,228	)	$	(699	)	$	(685	)	$	3,447
	Less: Step-up basis adjustment		(43	)		-			-			(3	)		-			(40	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		938			938			-			-			-			-
	PGRE's share of net (income) loss		223			431			(2,228	)		(702	)		(685	)		3,407
	Add: Real estate depreciation and amortization		10,195			1,314			5,383			2,125			863			510
	FFO (3)		10,418			1,745			3,155			1,423			178			3,917
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(938	)		(938	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		(3,367	)		-			-			-			-			(3,367	)
	Core FFO (3)	$	6,113		$	807		$	3,155		$	1,423		$	178		$	550

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net income (loss)	$	4,102		$	(506	)	$	(1,095	)	$	(900	)	$	(711	)	$	7,314
	Add: Real estate depreciation and amortization		16,280			1,315			2,651			2,697			900			8,717
	FFO (3)		20,382			809			1,556			1,797			189			16,031
	Less: FFO attributable to One Steuart Lane		(6,253	)		-			-			-			-			(6,253	)
	Core FFO (3)	$	14,129		$	809		$	1,556		$	1,797		$	189		$	9,778

(1)

Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 48 for our definition of these measures.

- 30 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Nine Months Ended September 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	218,457		$	32,839		$	43,505		$	23,127		$	11,367		$	107,619		(2)
Total operating expenses			129,035			16,180			20,542			10,023			5,220			77,070		(2)
Net operating income (3)			89,422			16,659			22,963			13,104			6,147			30,549
Depreciation and amortization			(68,140	)		(8,099	)		(24,257	)		(12,689	)		(5,570	)		(17,525	)
Interest and other income (loss), net			487			75			121			12			(12	)		291
Interest and debt expense			(47,900	)		(8,047	)		(10,245	)		(5,570	)		(5,065	)		(18,973	)
(Loss) income before income taxes			(26,131	)		588			(11,418	)		(5,143	)		(4,500	)		(5,658	)
Income tax expense			(54	)		-			(3	)		(34	)		(4	)		(13	)
Net (loss) income		$	(26,185	)	$	588		$	(11,421	)	$	(5,177	)	$	(4,504	)	$	(5,671	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(14,796	)	$	294		$	(7,661	)	$	(2,287	)	$	(2,207	)	$	(2,935	)
	Less: Step-up basis adjustment		(236	)		-			-			(9	)		-			(227	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(294	)		(294	)		-			-			-			-
	PGRE's share of net loss		(15,326	)		-			(7,661	)		(2,296	)		(2,207	)		(3,162	)
	Add: Real estate depreciation and amortization		29,763			4,050			16,252			5,604			2,729			1,128
	FFO (3)		14,437			4,050			8,591			3,308			522			(2,034	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		294			294			-			-			-			-
	Less: FFO attributable to One Steuart Lane		3,283			-			-			-			-			3,283
	Core FFO (3)	$	18,014		$	4,344		$	8,591		$	3,308		$	522		$	1,249

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(11,389	)	$	294		$	(3,760	)	$	(2,890	)	$	(2,297	)	$	(2,736	)
	Add: Real estate depreciation and amortization		38,613			4,049			8,005			7,094			2,841			16,624
	FFO (3)		27,224			4,343			4,245			4,204			544			13,888
	Less: FFO attributable to One Steuart Lane		5,796			-			-			-			-			5,796
	Core FFO (3)	$	33,020		$	4,343		$	4,245		$	4,204		$	544		$	19,684

(1)

Represents 1600 Broadway, 60 Wall Street, Oder-Center, Germany and One Steuart Lane. In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 48 for our definition of these measures.

- 31 -


		UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)


		Nine Months Ended September 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	265,419		$	30,305		$	40,474		$	24,818		$	11,598		$	158,224		(2)
Total operating expenses			153,526			17,560			19,251			9,639			5,127			101,949		(2)
Net operating income (3)			111,893			12,745			21,223			15,179			6,471			56,275
Depreciation and amortization			(80,899	)		(8,084	)		(24,853	)		(14,447	)		(5,611	)		(27,904	)
Interest and other loss, net			(83	)		(6	)		(37	)		(18	)		(10	)		(12	)
Interest and debt expense			(45,135	)		(8,094	)		(10,155	)		(5,570	)		(4,669	)		(16,647	)
(Loss) income before income taxes			(14,224	)		(3,439	)		(13,822	)		(4,856	)		(3,819	)		11,712
Income tax expense			(32	)		-			(5	)		(22	)		(3	)		(2	)
Net (loss) income		$	(14,256	)	$	(3,439	)	$	(13,827	)	$	(4,878	)	$	(3,822	)	$	11,710

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(11,706	)	$	(1,720	)	$	(9,272	)	$	(2,164	)	$	(1,874	)	$	3,324
	Less: Step-up basis adjustment		(127	)		-			-			(7	)		-			(120	)
	Less: Adjustments to equity in earnings for contributions to an unconsolidated joint venture		(8,977	)		(8,977	)		-			-			-			-
	PGRE's share of net (loss) income		(20,810	)		(10,697	)		(9,272	)		(2,171	)		(1,874	)		3,204
	Add: Real estate depreciation and amortization		31,370			4,042			16,652			6,370			2,749			1,557
	FFO (3)		10,560			(6,655	)		7,380			4,199			875			4,761
	Add: Adjustments to equity in earnings for contributions to an unconsolidated joint venture		8,977			8,977			-			-			-			-
	Less: FFO attributable to One Steuart Lane		(3,367	)		-			-			-			-			(3,367	)
	Core FFO (3)	$	16,170		$	2,322		$	7,380		$	4,199		$	875		$	1,394

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(2,550	)	$	(1,719	)	$	(4,555	)	$	(2,714	)	$	(1,948	)	$	8,386
	Add: Real estate depreciation and amortization		49,656			4,042			8,201			8,084			2,862			26,467
	FFO (3)		47,106			2,323			3,646			5,370			914			34,853
	Less: FFO attributable to One Steuart Lane		(6,253	)		-			-			-			-			(6,253	)
	Core FFO (3)	$	40,853		$	2,323		$	3,646		$	5,370		$	914		$	28,600

(1)

Represents 60 Wall Street, Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 48 for our definition of these measures.

- 32 -


		CAPTTAL STRUCTURE

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


			As of September 30, 2022
Debt:
	Consolidated debt:
		Notes and mortgages payable (1)	$	3,858,000
		Revolving Credit Facility		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt (2)		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt (3)		623,785
	PGRE's Share of Total Debt (4)			3,671,450


		Shares / Units		Share Price as of
Equity:		Outstanding		September 30, 2022
	Common stock		222,461,093	$	6.23		1,385,933
	Operating Partnership units		15,822,806		6.23		98,576
	Total equity		238,283,899		6.23		1,484,509


Total Market Capitalization						$	5,155,959

(1)

Represents contractual amounts due pursuant to the respective debt agreements.

(2)

Represents noncontrolling interests’ share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

(3)

Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 1600 Broadway, 60 Wall Street and Oder-Center, Germany.

(4)

See page 48 for our definition of this measure.

- 33 -


		DEBT ANALYSIS

(unaudited and in thousands)


		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		860,000			3.76	%		500,000			2.46	%		360,000			5.56	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		273,000			3.65	%		273,000			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.58	%		3,498,000			3.37	%		360,000			5.56	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.52	%	$	2,687,665			3.25	%	$	360,000			5.56	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		410,835			3.09	%		402,000			3.07	%		8,835			4.06	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		156,530			4.72	%		-			-			156,530			4.72	%
	1600 Broadway (1)		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street		575,000			5.27	%		-			-			575,000			5.27	%
	Oder-Center, Germany		14,034			4.62	%		14,034			4.62	%		-			-
Total unconsolidated debt			1,741,899			4.12	%		1,001,534			3.38	%		740,365			5.14	%
Joint venture partners' share			(1,118,114	)		4.43	%		(489,176	)		3.45	%		(628,938	)		5.19	%
PGRE's share of unconsolidated debt		$	623,785			3.58	%	$	512,358			3.30	%	$	111,427			4.83	%

PGRE's share of Total Debt (2)		$	3,671,450			3.53	%	$	3,200,023			3.26	%	$	471,427			5.39	%


Revolving Credit Facility Covenants: (3)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		44.0	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		44.0	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.19x				Unconsolidated fixed rate debt		512,358
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,200,023		87.2	%
	Unencumbered Interest Coverage	Greater than 1.75x	46.63x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		111,427
							PGRE's share of variable rate debt		471,427		12.8	%
							PGRE's share of Total Debt (2)	$	3,671,450		100.0	%

(1)

In connection with the acquisition of 1600 Broadway on February 24, 2022, the joint venture obtained a 10-year, $98,000 interest-only loan that has a fixed rate of 3.45%.

(2)

See page 48 for our definition of this measure.

(3)

This section presents ratios as of September 30, 2022 in accordance with the terms of our revolving credit facility agreement, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the revolving credit facility.

- 34 -


		DEBT MATURITIES

(unaudited and in thousands)


Consolidated Debt:		2022			2023			2024			2025			2026			Thereafter			Total
	300 Mission Street	$	-		$	273,000		$	-		$	-		$	-		$	-		$	273,000
	One Market Plaza		-			-			975,000			-			-			-			975,000
	31 West 52nd Street		-			-			-			-			500,000			-			500,000
	1301 Avenue of the Americas		-			-			-			-			860,000			-			860,000
	1633 Broadway		-			-			-			-			-			1,250,000			1,250,000
	Revolving Credit Facility		-			-			-			-			-			-			-
Total consolidated debt			-			273,000			975,000			-			1,360,000			1,250,000			3,858,000
Noncontrolling interests' share			-			(188,097	)		(497,250	)		-			-			(124,988	)		(810,335	)
PGRE's share of consolidated debt		$	-		$	84,903		$	477,750		$	-		$	1,360,000		$	1,125,012		$	3,047,665


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	-		$	575,000		$	-		$	-		$	-		$	-		$	575,000
	111 Sutter Street		-			156,530			-			-			-			-			156,530
	Market Center		-			-			-			410,835			-			-			410,835
	55 Second Street		-			-			-			-			187,500			-			187,500
	712 Fifth Avenue		-			-			-			-			-			300,000			300,000
	Oder-Center, Germany		-			-			-			-			-			14,034			14,034
	1600 Broadway (1)		-			-			-			-			-			98,000			98,000
Total unconsolidated debt			-			731,530			-			410,835			187,500			412,034			1,741,899
Joint venture partners' share			-			(626,022	)		-			(135,576	)		(104,831	)		(251,685	)		(1,118,114	)
PGRE's share of unconsolidated debt		$	-		$	105,508		$	-		$	275,259		$	82,669		$	160,349		$	623,785



PGRE's Share of Total Debt (2)		$	-		$	190,411		$	477,750		$	275,259		$	1,442,669		$	1,285,361		$	3,671,450

Weighted average rate			-	%		4.33	%		4.03	%		3.09	%		3.78	%		3.04	%		3.53	%

% of debt maturing			-	%		5.2	%		13.0	%		7.5	%		39.3	%		35.0	%		100.0	%

(1)

In connection with the acquisition of 1600 Broadway on February 24, 2022, the joint venture obtained a 10-year, $98,000 interest-only loan that has a fixed rate of 3.45%.

(2)

See page 48 for our definition of this measure.

- 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	%		100.0	%		100.0	%	$	181,292	$	80.09		2,272,771		-		2,272,771	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		96.6	%		86.2	%		9,209		73.58		253,609		-		253,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.7	%		98.6	%		190,501		80.01		2,526,380		-		2,526,380
1301 Avenue of the Americas
	Office		100.0	%		88.1	%		84.1	%		122,404		86.80		1,698,061		-		1,698,061	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff
	Retail / Amenity		100.0	%		89.7	%		89.7	%		2,573		185.11		49,287		-		49,287	Ocean Prime, Starbucks
			100.0	%		88.1	%		84.2	%		124,977		87.68		1,747,348		-		1,747,348
1325 Avenue of the Americas
	Office		100.0	%		94.2	%		93.4	%		49,233		66.76		809,689		-		809,689	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore
	Retail		100.0	%		100.0	%		100.0	%		1,415		86.68		15,609		-		15,609	La Grande Boucherie
			100.0	%		94.4	%		93.5	%		50,648		67.08		825,298		-		825,298
31 West 52nd Street
	Office		100.0	%		92.8	%		92.0	%		62,729		91.98		742,006		-		742,006	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																					Centerview Partners, Bracewell, Providence Equity Partners
	Retail		100.0	%		97.8	%		97.8	%		5,207		122.85		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		93.0	%		92.2	%		67,936		93.08		767,919		-		767,919
900 Third Avenue
	Office		100.0	%		79.2	%		79.2	%		32,288		71.12		575,084		-		575,084	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse &
																					Hirschtritt, Littler Mendelson
	Retail		100.0	%		79.4	%		79.4	%		1,295		97.31		16,598		-		16,598	Bank of America
			100.0	%		79.2	%		79.2	%		33,583		71.86		591,682		-		591,682
712 Fifth Avenue
	Office		50.0	%		83.5	%		77.8	%		42,218		118.60		457,580		-		457,580	CVC Advisors, Aberdeen Standard Investments, OMI
																					Management, Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		7,872		437.43		85,917		-		85,917	Harry Winston
			50.0	%		73.6	%		68.8	%		50,090		133.89		543,497		-		543,497
1600 Broadway (3)
	Retail		9.2	%		100.0	%		100.0	%		10,319		305.18		25,693		-		25,693	M&M's World
60 Wall Street (4)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,625,483		1,625,483

	Subtotal / Weighted average					91.7	%		89.8	%		528,054		85.42		7,027,817		1,625,483		8,653,300
	PGRE's share					92.1	%		90.3	%		474,591		83.10		6,480,127		81,437		6,561,564

(1)

See page 48 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Acquired on February 24, 2022.

(4)

In June 2022, 60 Wall Street was taken “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	%		96.5	%		95.0	%	$	154,168	$	104.58		1,552,525		-		1,552,525	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		74.5	%		74.5	%		2,917		66.45		53,940		-		53,940	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		95.8	%		94.3	%		157,085		103.63		1,606,465		-		1,606,465
Market Center
	Office		67.0	%		81.1	%		81.1	%		54,886		91.85		737,474		-		737,474	Uber, Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James
	Retail		67.0	%		66.9	%		66.9	%		612		109.47		6,283		-		6,283	Amazon
			67.0	%		81.0	%		81.0	%		55,498		91.97		743,757		-		743,757
300 Mission Street
	Office		31.1	%		80.9	%		80.9	%		45,575		93.42		605,662		-		605,662	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		2,834		63.42		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		48,409		90.97		654,834		-		654,834
One Front Street
	Office		100.0	%		97.0	%		95.8	%		55,200		90.82		634,898		-		634,898	First Republic, Coinbase, JLL, Cigna
	Retail		100.0	%		97.3	%		97.3	%		1,108		90.66		12,293		-		12,293	First Republic
			100.0	%		97.0	%		95.8	%		56,308		90.81		647,191		-		647,191
55 Second Street
	Office		44.1	%		85.7	%		85.7	%		26,105		82.47		370,319		-		370,319	KPMG, Intercom, Rippling, UKG
	Retail		44.1	%		100.0	%		100.0	%		918		112.27		7,480		-		7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		86.0	%		86.0	%		27,023		83.16		377,799		-		377,799
111 Sutter Street
	Office		49.0	%		59.2	%		59.2	%		12,658		87.43		248,821		-		248,821	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,753		69.27		29,247		-		29,247	24 Hour Fitness
			49.0	%		62.1	%		62.1	%		14,411		84.72		278,068		-		278,068

	Subtotal / Weighted average					88.2	%		87.5	%		358,734		95.24		4,308,114		-		4,308,114
	PGRE's share					89.3	%		88.6	%		204,497		94.71		2,439,191		-		2,439,191

Total / Weighted average						90.4	%		88.9	%		886,788		89.20		11,335,931		1,625,483		12,961,414
PGRE's share						91.4	%		89.8	%		679,088		86.33		8,919,318		81,437		9,000,755

(1)

See page 48 for our definition of this measure.

(2)

Represents office and retail space only.

- 37 -


		SAME STORE LEASED OCCUPANCY

(unaudited)


				As of September 30, 2022						As of June 30, 2022						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %


New York:
1633 Broadway		90.0	%		99.7	%		99.7	%		99.6	%		99.6	%		0.1	%
1301 Avenue of the Americas		100.0	%		88.1	%		88.1	%		88.1	%		88.1	%		-	%
1325 Avenue of the Americas		100.0	%		94.4	%		94.4	%		95.0	%		95.0	%		(0.6	%)
31 West 52nd Street		100.0	%		93.0	%		93.0	%		93.0	%		93.0	%		-	%
900 Third Avenue		100.0	%		79.2	%		79.2	%		79.2	%		79.2	%		-	%
712 Fifth Avenue		50.0	%		73.6	%		73.6	%		69.2	%		69.2	%		4.4	%
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%	N/A				-	%		-	%
Weighted average					91.7	%		91.7	%		91.4	%		91.4	%		0.3	%
PGRE's share					92.1	%		92.1	%		92.0	%		92.0	%		0.1	%

San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		94.7	%		94.7	%		1.1	%
Market Center		67.0	%		81.0	%		81.0	%		85.1	%		85.1	%		(4.1	%)
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		97.0	%		97.0	%		97.0	%		97.0	%		-	%
55 Second Street		44.1	%		86.0	%		86.0	%		85.3	%		85.3	%		0.7	%
111 Sutter Street		49.0	%		62.1	%		62.1	%		63.3	%		63.3	%		(1.2	%)
Weighted average					88.2	%		88.2	%		88.5	%		88.5	%		(0.3	%)
PGRE's share					89.3	%		89.3	%		89.8	%		89.8	%		(0.5	%)

Weighted average					90.4	%		90.4	%		90.3	%		90.3	%		0.1	%
PGRE's share					91.4	%		91.4	%		91.4	%		91.4	%		-	%

(1)

See page 48 for our definition of this measure.

(2)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 38 -


		SAME STORE LEASED OCCUPANCY

(unaudited)


				As of September 30, 2022						As of December 31, 2021						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %


New York:
1633 Broadway		90.0	%		99.7	%		99.7	%		98.3	%		98.3	%		1.4	%
1301 Avenue of the Americas		100.0	%		88.1	%		88.1	%		84.3	%		84.3	%		3.8	%
1325 Avenue of the Americas		100.0	%		94.4	%		94.4	%		93.4	%		93.4	%		1.0	%
31 West 52nd Street		100.0	%		93.0	%		93.0	%		92.3	%		92.3	%		0.7	%
900 Third Avenue		100.0	%		79.2	%		79.2	%		79.2	%		79.2	%		-	%
712 Fifth Avenue		50.0	%		73.6	%		73.6	%		71.4	%		71.4	%		2.2	%
1600 Broadway (2)		9.2	%		100.0	%		-	%		-	%		-	%		-	%
60 Wall Street (3)		5.0	%	N/A				-	%		100.0	%		-	%		-	%
Weighted average					91.7	%		91.7	%		91.8	%		89.8	%		1.9	%
PGRE's share					92.1	%		92.1	%		90.4	%		90.3	%		1.8	%

San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		94.7	%		94.7	%		1.1	%
Market Center		67.0	%		81.0	%		81.0	%		84.2	%		84.2	%		(3.2	%)
300 Mission Street		31.1	%		81.4	%		81.4	%		94.7	%		94.7	%		(13.3	%)
One Front Street		100.0	%		97.0	%		97.0	%		97.1	%		97.1	%		(0.1	%)
55 Second Street		44.1	%		86.0	%		86.0	%		96.3	%		96.3	%		(10.3	%)
111 Sutter Street		49.0	%		62.1	%		62.1	%		64.2	%		64.2	%		(2.1	%)
Weighted average					88.2	%		88.2	%		91.4	%		91.4	%		(3.2	%)
PGRE's share					89.3	%		89.3	%		91.6	%		91.6	%		(2.3	%)

Weighted average					90.4	%		90.4	%		91.6	%		90.4	%		-	%
PGRE's share					91.4	%		91.4	%		90.7	%		90.6	%		0.8	%

(1)

See page 48 for our definition of this measure.

(2)

Acquired on February 24, 2022.

(3)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 39 -


		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
				Lease		Square Feet			Square Feet					Per Square		Annualized
Top 10 Tenants:			Property	Expiration		Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
As of September 30, 2022
	First Republic Bank		One Front Street	Various	(3)		459,882	(3)		459,882	(3)	$	42,104	$	91.36		6.2	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023	(4)		464,440	(4)		464,440	(4)		39,763		84.79		5.9	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,543			328,543			29,282		89.11		4.3	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			288,823			28,148		97.46		4.1	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	(5)		290,875	(5)		290,875	(5)		27,766		93.11		4.1	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			234,749			19,586		83.43		2.9	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			288,250			259,428			17,678		67.51		2.6	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			253,196			227,879			16,867		72.51		2.5	%
	Google, Inc.		One Market Plaza	Apr-2025			339,833			166,518			15,509		92.72		2.3	%
	Uber Technologies, Inc.		Market Center	Jul-2023			234,783			157,305			14,649		93.13		2.2	%


		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
		Occupied		Square Feet			Rent (1)		Annualized Rent
As of September 30, 2022
	Legal Services		1,715,115		21.3	%	$	149,935		22.1	%
	Financial Services - Commercial and Investment Banking		1,649,920		20.6	%		142,195		20.9	%
	Technology and Media		1,674,548		20.9	%		136,146		20.0	%
	Financial Services, all others		1,123,488		14.0	%		105,041		15.5	%
	Insurance		437,152		5.5	%		41,138		6.1	%
	Retail		144,071		1.8	%		17,016		2.5	%
	Travel and Leisure		206,198		2.6	%		13,849		2.0	%
	Other Professional Services		125,006		1.6	%		10,767		1.6	%
	Consumer Products		121,732		1.5	%		10,225		1.5	%
	Other		814,980		10.2	%		52,776		7.8	%

(1)

See page 48 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

Includes (i) 249,615 square feet that expires in June 2025, (ii) 76,999 square feet that expires in December 2029, (iii) 25,157 square feet that expires in December 2030 and (iv) 108,111 square feet that expires in December 2032.

(4)

Includes 159,308 square feet that expires in April 2035 and 142,221 square feet that has been pre-leased to O’Melveny & Myers LLP through February 2040.

(5)

Includes 111,589 square feet that expires in March 2032.

- 40 -


		LEASING ACTIVITY (1)

(unaudited)


	Total			New York			San Francisco

Three Months Ended September 30, 2022

Total square feet leased		288,554			253,774			34,780

PGRE's share of total square feet leased:		215,922			197,828			18,094
Initial rent (2)	$	82.76		$	79.95		$	113.53
Weighted average lease term (in years)		12.5			12.9			7.3
Tenant improvements and leasing commissions:
Per square foot	$	148.56		$	154.86		$	79.72
Per square foot per annum	$	11.92		$	11.97		$	10.86
Percentage of initial rent		14.4	%		15.0	%		9.6	%
Rent concessions:
Average free rent period (in months)		14.3			15.1			5.8
Average free rent period per annum (in months)		1.1			1.2			0.8

Second generation space: (2)
Square feet		204,178			190,828			13,350
Cash basis:
Initial rent (2)	$	80.78		$	78.41		$	114.63
Prior escalated rent (2)	$	90.28		$	88.71		$	112.78
Percentage (decrease) increase		(10.5	%)		(11.6	%)		1.6	%
GAAP basis:
Straight-line rent (2)	$	79.32		$	76.54		$	119.02
Prior straight-line rent (2)	$	77.23		$	75.38		$	103.72
Percentage increase		2.7	%		1.5	%		14.7	%

(1)

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

(2)

See page 48 for our definition of this measure.

- 41 -


		LEASING ACTIVITY (1)

(unaudited)


	Total			New York			San Francisco

Nine Months Ended September 30, 2022

Total square feet leased		741,605			582,268			159,337

PGRE's share of total square feet leased:		556,299			473,507			82,792
Initial rent (2)	$	77.12		$	72.12		$	105.71
Weighted average lease term (in years)		10.0			10.5			7.1
Tenant improvements and leasing commissions:
Per square foot	$	107.35		$	114.21		$	68.09
Per square foot per annum	$	10.72		$	10.85		$	9.61
Percentage of initial rent		13.9	%		15.0	%		9.1	%
Rent concessions:
Average free rent period (in months)		11.1			12.2			5.0
Average free rent period per annum (in months)		1.1			1.2			0.7

Second generation space: (2)
Square feet		441,499			380,233			61,266
Cash basis:
Initial rent (2)	$	76.29		$	70.92		$	109.64
Prior escalated rent (2)	$	81.67		$	77.50		$	107.60
Percentage (decrease) increase		(6.6	%)		(8.5	%)		1.9	%
GAAP basis:
Straight-line rent (2)	$	75.00		$	68.83		$	113.25
Prior straight-line rent (2)	$	74.05		$	70.24		$	97.70
Percentage increase (decrease)		1.3	%		(2.0	%)		15.9	%

(1)

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

(2)

See page 48 for our definition of this measure.

- 42 -


		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			25,603		18,426	$	1,302	$	45.92		0.2	%

	4Q 2022			29,479		16,810		1,720		102.65		0.2	%

	1Q 2023			192,328		182,219		16,423		91.04		2.4	%
	2Q 2023			84,932		65,223		5,261		80.54		0.8	%
	3Q 2023			314,092		218,835		19,356		88.39		2.8	%
	4Q 2023			55,937		36,509		3,537		96.31		0.5	%
	Total 2023			647,289		502,786		44,577		88.89		6.5	%
		2024		824,169		719,712		61,922		86.17		9.0	%
		2025		1,434,738		917,846		80,006		87.10		11.6	%
		2026		1,446,247		1,012,310		88,922		85.60		12.9	%
		2027		291,635		214,919		19,101		88.78		2.7	%
		2028		323,397		263,440		20,100		76.70		2.9	%
		2029		573,478		494,143		40,131		81.68		5.8	%
		2030		614,746		518,265		46,237		89.26		6.7	%
		2031		597,334		529,940		50,905		92.68		7.4	%
	Thereafter			3,437,199		2,940,764		235,011		85.43		34.1	%

(1)

See page 48 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 in the following quarter.

(3)

Represents office and retail space only.

- 43 -


		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			17,261		13,202	$	974	$	46.00		0.2	%

	4Q 2022			17,044		8,523		923		108.35		0.2	%

	1Q 2023			176,535		174,113		15,651		90.95		3.2	%
	2Q 2023			49,602		46,806		3,490		74.56		0.7	%
	3Q 2023			46,230		39,316		2,855		72.28		0.6	%
	4Q 2023			6,751		5,054		402		75.32		0.1	%
	Total 2023			279,118		265,289		22,398		84.91		4.6	%
		2024		609,393		586,045		49,392		84.39		10.2	%
		2025		339,062		281,831		24,895		88.19		5.2	%
		2026		737,418		674,101		55,346		78.78		11.5	%
		2027		163,844		148,691		12,654		84.96		2.6	%
		2028		192,265		167,987		11,654		69.75		2.4	%
		2029		496,253		453,509		36,436		80.84		7.5	%
		2030		410,538		399,822		34,485		86.30		7.1	%
		2031		496,270		452,783		43,898		92.96		9.1	%
	Thereafter			2,686,706		2,518,284		190,239		81.60		39.4	%

(1)

See page 48 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 in the following quarter.

(3)

Represents office and retail space only.

- 44 -


		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			8,342		5,224	$	328	$	45.41		0.2	%

	4Q 2022			12,435		8,287		797		96.63		0.4	%

	1Q 2023			15,793		8,106		772		92.89		0.4	%
	2Q 2023			35,330		18,417		1,771		95.73		0.8	%
	3Q 2022			267,862		179,519		16,501		91.92		8.0	%
	4Q 2022			49,186		31,455		3,135		99.68		1.5	%
	Total 2023			368,171		237,497		22,179		93.27		10.7	%
		2024		214,776		133,667		12,530		94.05		6.1	%
		2025		1,095,676		636,015		55,111		86.63		26.6	%
		2026		708,829		338,209		33,576		99.04		16.2	%
		2027		127,791		66,228		6,447		97.35		3.1	%
		2028		131,132		95,453		8,446		88.94		4.1	%
		2029		77,225		40,634		3,695		90.94		1.8	%
		2030		204,208		118,443		11,752		99.22		5.7	%
		2031		101,064		77,157		7,007		91.07		3.4	%
	Thereafter			750,493		422,480		44,772		106.00		21.7	%

(1)

See page 48 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.

- 45 -


		CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)


	Three Months Ended September 30, 2022
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	10,067	$	6,289	$	3,717	$	61
Second generation tenant improvements		4,494		2,231		2,263		-
Second generation leasing commissions		7,191		5,737		1,454		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	21,752	$	14,257	$	7,434	$	61

Redevelopment Expenditures: (1)
Lobby renovations and other	$	1,950	$	1,950	$	-	$	-
Total Redevelopment Expenditures	$	1,950	$	1,950	$	-	$	-


	Three Months Ended September 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	8,640	$	5,633	$	2,991	$	16
Second generation tenant improvements		6,644		450		6,194		-
Second generation leasing commissions		8,100		8,100		-		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	23,384	$	14,183	$	9,185	$	16

Redevelopment Expenditures: (1)
Gershwin facade replacement	$	2,684	$	2,684	$	-	$	-
Elevator modernizations		2,268		2,178		90		-
Lobby renovations		1,015		977		38		-
Other		147		147		-		-
Total Redevelopment Expenditures	$	6,114	$	5,986	$	128	$	-

(1)

See page 48 for our definition of this measure.

- 46 -


		CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)


	Nine Months Ended September 30, 2022
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	30,848	$	24,000	$	6,728	$	120
Second generation tenant improvements		29,754		16,657		13,097		-
Second generation leasing commissions		12,346		10,283		2,063		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	72,948	$	50,940	$	21,888	$	120

Redevelopment Expenditures: (1)
Lobby renovations	$	4,076	$	4,030	$	46	$	-
Elevator modernizations		1,964		1,928		36		-
Other		1,807		1,719		88		-
Total Redevelopment Expenditures	$	7,847	$	7,677	$	170	$	-


	Nine Months Ended September 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	15,580	$	10,017	$	5,511	$	52
Second generation tenant improvements		30,246		3,356		26,890		-
Second generation leasing commissions		13,574		11,229		2,345		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	59,400	$	24,602	$	34,746	$	52

Redevelopment Expenditures: (1)
Elevator modernizations	$	10,929	$	7,823	$	3,106	$	-
Gershwin facade replacement		9,918		9,918		-		-
Lobby renovations		5,484		3,645		1,839		-
Other		529		406		123		-
Total Redevelopment Expenditures	$	26,860	$	21,792	$	5,068	$	-

(1)

See page 48 for our definition of this measure.

- 47 -


		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. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate funds and Operating Partnership.

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 fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, 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. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate funds and Operating Partnership.

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. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate funds and Operating Partnership.

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

- 48 -


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

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

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

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

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 and not classified as discontinued operations.

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 that has been vacant for less than twelve months.

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

- 49 -