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): July 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 July 26, 2022, Paramount Group, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 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 Wednesday, July 27, 2022 at 12:00 p.m. Eastern Time (ET), during which management will discuss the second 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 3:00 p.m. ET on July 27, 2022 through August 3, 2022 and can be accessed by dialing 844‑512‑2921 (domestic) or 412-317-6671 (international) and entering the passcode 13729527.

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 July 26, 2022 and entitled “Paramount Announces Second Quarter 2022 Results”

	99.2	Supplemental information entitled “Paramount Group, Inc. Supplemental Operating and Financial Data for the Quarter Ended June 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: July 26, 2022		By:	/s/ Wilbur Paes
		Name:	Wilbur Paes
		Title:	Chief Operating Officer, Chief Financial Officer and Treasurer

EX-99.1 2 pgre-ex991_6.htm EX-99.1 pgre-ex991_6.htm


		Exhibit 99.1

Paramount Announces Second Quarter 2022 Results

–Raises Guidance for Full Year 2022–

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

Second Quarter Highlights:

•

Reported net loss attributable to common stockholders of $0.4 million, or $0.00 per diluted share, for the quarter ended June 30, 2022, compared to $15.9 million, or $0.07 per diluted share, for the quarter ended June 30, 2021.

•

Reported Core Funds from Operations (“Core FFO”) attributable to common stockholders of $53.6 million, or $0.24 per diluted share, for the quarter ended June 30, 2022, compared to $47.6 million, or $0.22 per diluted share, for the quarter ended June 30, 2021.

•

Raised its full year 2022 earnings guidance as follows:

Estimated earnings attributable to common stockholders will be between a net loss of $0.01 per diluted share and net income of $0.03 per diluted share, compared to its prior estimated range of net loss attributable to common stockholders of $0.05 and $0.01 per diluted share, an increase in net income of $0.04 per diluted share at the midpoint of the Company’s prior estimate.

Estimated Core FFO attributable to common stockholders will be between $0.95 and $0.99 per diluted share, compared to its prior estimated range of $0.93 to $0.97 per diluted share, an increase of $0.02 per diluted share at the midpoint of the Company’s prior guidance.

•

Reported a 5.6% increase in Same Store Cash Net Operating Income (“NOI”) and a 9.0% increase in Same Store NOI in the quarter ended June 30, 2022, compared to the same period in the prior year.

•

Leased 250,231 square feet, of which the Company’s share was 188,175 square feet that was leased at a weighted average initial rent of $78.28 per square foot. Of the 188,175 square feet that was leased, 96,052 square feet represented the Company’s share of second generation space, for which rental rates decreased by 5.3% on a cash basis and increased by 0.5% on a GAAP basis.

•

Declared a second quarter cash dividend of $0.0775 per common share on June 15, 2022, which was paid on July 15, 2022.

•

Subsequent to quarter end, repurchased 268,231 common shares at a weighted average price of $6.96 per share, or $1.9 million in the aggregate.

Financial Results

Quarter Ended June 30, 2022

Net loss attributable to common stockholders was $0.4 million, or $0.00 per diluted share, for the quarter ended June 30, 2022, compared to $15.9 million, or $0.07 per diluted share, for the quarter ended June 30, 2021. Net loss attributable to common stockholders for the quarter ended June 30, 2021 includes a $10.7 million contribution to an unconsolidated joint venture, that was expensed in accordance with GAAP.

Funds from Operations (“FFO”) attributable to common stockholders was $53.3 million, or $0.24 per diluted share, for the quarter ended June 30, 2022, compared to $37.9 million, or $0.17 per diluted share, for the quarter ended June 30, 2021. FFO attributable to common stockholders for the quarter ended June 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 quarters ended June 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 quarter ended June 30, 2022 and 2021 by $0.3 million and $9.7 million, respectively, or $0.00 and $0.05 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $53.6 million, or $0.24 per diluted share, for the quarter ended June 30, 2022, compared to $47.6 million, or $0.22 per diluted share, for the quarter ended June 30, 2021.

Six Months Ended June 30, 2022

Net income attributable to common stockholders was $3.0 million, or $0.01 per diluted share, for the six months ended June 30, 2022, compared to net loss attributable to common stockholders of $19.5 million, or $0.09 per diluted share, for the six months ended June 30, 2021. Net loss attributable to common stockholders for the six months ended June 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 $108.2 million, or $0.49 per diluted share, for the six months ended June 30, 2022, compared to $88.8 million, or $0.40 per diluted share, for the six months ended June 30, 2021. FFO attributable to common stockholders for the six months ended June 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 six months ended June 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, did not impact FFO attributable to common stockholders for the six months ended June 30, 2022 and decreased FFO attributable to common stockholders for the six months ended June 30, 2021 by $9.4 million, or $0.05 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $108.2 million, or $0.49 per diluted share, for the six months ended June 30, 2022, compared to $98.2 million, or $0.45 per diluted share, for the six months ended June 30, 2021.

Portfolio Operations

Quarter Ended June 30, 2022

Same Store Cash NOI increased by $5.1 million, or 5.6%, to $96.8 million for the quarter ended June 30, 2022 from $91.7 million for the quarter ended June 30, 2021. Same Store NOI increased by $8.5 million, or 9.0%, to $102.8 million for the quarter ended June 30, 2022 from $94.3 million for the quarter ended June 30, 2021.

During the quarter ended June 30, 2022, the Company leased 250,231 square feet, of which the Company’s share was 188,175 square feet that was leased at a weighted average initial rent of $78.28 per square foot. This leasing activity, partially offset by lease expirations in the quarter, increased leased occupancy by 80 basis points to 91.4% at June 30, 2022 from 90.6% at March 31, 2022. Same store leased occupancy (properties owned by the Company in a similar manner during both reporting periods), increased by 90 basis points to 91.4% at June 30, 2022 from 90.5% at March 31, 2022. Of the 188,175 square feet leased, 96,052 square feet represented the Company’s share of second generation space (space that had been vacant for less than twelve months) for which rental rates decreased by 5.3% on a cash basis and increased 0.5% on a GAAP basis. The weighted average lease term for leases signed during the second quarter was 9.0 years and weighted average tenant improvements and leasing commissions on these leases were $10.43 per square foot per annum, or 13.3% of initial rent.

Six Months Ended June 30, 2022

Same Store Cash NOI increased by $8.7 million, or 4.7%, to $192.8 million for the six months ended June 30, 2022 from $184.1 million for the six months ended June 30, 2021. Same Store NOI increased by $5.9 million, or 3.0%, to $199.0 million for the six months ended June 30, 2022 from $193.1 million for the six months ended June 30, 2021.

During the six months ended June 30, 2022, the Company leased 453,051 square feet, of which the Company’s share was 340,377 square feet that was leased at a weighted average initial rent of $73.54 per square foot. This leasing activity, partially offset by lease expirations in the six months, increased leased occupancy by 70 basis points to 91.4% at June 30, 2022 from 90.7% at December 31, 2021. Same store leased occupancy (properties owned by the Company in a similar manner during both reporting periods), increased by 80 basis points to 91.4% at June 30, 2022 from 90.6% at December 31, 2021. Of the 340,377 square feet leased, 237,321 square feet represented the Company’s share of second generation space (space that had been vacant for less than twelve months) for which rental rates decreased by 2.5% on a cash basis and remained in-line with prior rental rates on a GAAP basis. The weighted average lease term for leases signed during the six months was 8.5 years and weighted average tenant improvements and leasing commissions on these leases were $9.59 per square foot per annum, or 13.0% of initial rent.

Guidance

The Company is raising its Estimated Core FFO Guidance for the full year of 2022, which is reconciled below to estimated net (loss) income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that earnings attributable to common stockholders will be between a net loss of $0.01 per diluted share and net income of $0.03 per diluted share, compared to its prior estimated range of net loss attributable to common stockholders of $0.05 and $0.01 per diluted share, an increase in net income of $0.04 per diluted share at the midpoint of the Company’s prior estimate, resulting from (i) $0.01 per diluted share from better than expected portfolio operations, (ii) $0.01 per diluted share from higher straight line rental income, (iii) $0.01 per diluted share from lower interest expense and (iv) $0.02 per diluted share from lower depreciation expense, partially offset by (v) $0.01 per diluted share from higher general and administrative expenses. The estimated net (loss) 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 six months ended June 30, 2022, and its outlook for the remainder of 2022, the Company is raising its Estimated 2022 Core FFO to be between $0.95 and $0.99 per diluted share, compared to its prior estimate of $0.93 to $0.97 per diluted share. This represents an increase of $0.02 per diluted share at the midpoint of the Company’s guidance, resulting primarily from (i) $0.01 per diluted share from better than expected portfolio operations, (ii) $0.01 per diluted share from higher straight line rental income, and (iii) $0.01 per diluted share from lower interest expense, partially offset by, (iv) $0.01 per diluted share from higher general and administrative expenses.

	Full Year 2022
(Amounts per diluted share)	Low			High
Estimated net (loss) income attributable to common stockholders	$	(0.01	)	$	0.03
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	$	0.95		$	0.99

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 June 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 3:00 p.m. ET on July 27, 2022 through August 3, 2022 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13729527.

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:	June 30, 2022			December 31, 2021
Real estate, at cost:
Land	$	1,966,237		$	1,966,237
Buildings and improvements		6,103,782			6,061,824
		8,070,019			8,028,061
Accumulated depreciation and amortization		(1,199,035	)		(1,112,977	)
Real estate, net		6,870,984			6,915,084
Cash and cash equivalents		506,933			524,900
Restricted cash		24,934			4,766
Investments in unconsolidated joint ventures		429,418			408,096
Investments in unconsolidated real estate funds		14,156			11,421
Accounts and other receivables		17,788			15,582
Deferred rent receivable		336,736			332,735
Deferred charges, net		119,431			122,177
Intangible assets, net		104,929			119,413
Other assets		56,920			40,388
Total assets	$	8,482,229		$	8,494,562

Liabilities:
Notes and mortgages payable, net	$	3,837,968		$	3,835,620
Revolving credit facility		-			-
Accounts payable and accrued expenses		108,464			116,192
Dividends and distributions payable		18,787			16,895
Intangible liabilities, net		41,119			45,328
Other liabilities		24,537			25,495
Total liabilities		4,030,875			4,039,530
Equity:
Paramount Group, Inc. equity		3,697,192			3,588,163
Noncontrolling interests in:
Consolidated joint ventures		412,189			428,833
Consolidated real estate fund		80,557			81,925
Operating Partnership		261,416			356,111
Total equity		4,451,354			4,455,032
Total liabilities and equity	$	8,482,229		$	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 Six Months Ended
			June 30,						June 30,
			2022			2021			2022			2021
Revenues:
	Rental revenue		$	177,243		$	174,628		$	347,165		$	347,774
	Fee and other income			8,274			7,641			22,037			15,661
		Total revenues		185,517			182,269			369,202			363,435
Expenses:
	Operating			67,814			64,072			134,475			130,690
	Depreciation and amortization			57,398			59,925			113,022			118,230
	General and administrative			16,706			18,418			32,351			32,782
	Transaction related costs			159			135			276			416
		Total expenses		142,077			142,550			280,124			282,118
Other income (expense):
	Loss from unconsolidated joint ventures			(4,416	)		(15,717	)		(9,529	)		(21,033	)
	Income from unconsolidated real estate funds			155			148			325			328
	Interest and other income, net			796			1,070			1,027			2,372
	Interest and debt expense			(35,578	)		(34,914	)		(69,855	)		(69,653	)
Net income (loss) before income taxes				4,397			(9,694	)		11,046			(6,669	)
	Income tax expense			(359	)		(434	)		(886	)		(1,575	)
Net income (loss)				4,038			(10,128	)		10,160			(8,244	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures			(4,779	)		(7,428	)		(8,204	)		(13,156	)
	Consolidated real estate fund			352			29			1,368			(56	)
	Operating Partnership			29			1,584			(313	)		1,935
Net (loss) income attributable to common stockholders			$	(360	)	$	(15,943	)	$	3,011		$	(19,521	)

Per Share:
Basic			$	(0.00	)	$	(0.07	)	$	0.01		$	(0.09	)
Diluted			$	(0.00	)	$	(0.07	)	$	0.01		$	(0.09	)

Weighted average common shares outstanding:
Basic				222,971,886			218,696,284			220,888,664			218,681,228
Diluted				222,971,886			218,696,284			220,930,019			218,681,228

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 Six Months Ended
				June 30,						June 30,
				2022			2021			2022			2021
Reconciliation of Net Income (Loss) to FFO and Core FFO:
	Net income (loss)			$	4,038		$	(10,128	)	$	10,160		$	(8,244	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)			67,235			70,264			133,060			139,405
	FFO				71,273			60,136			143,220			131,161
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,945	)		(18,453	)		(26,460	)		(33,527	)
		Consolidated real estate fund			346			29			1,355			(56	)
	FFO attributable to Paramount Group Operating Partnership				57,674			41,712			118,115			97,578
	Less FFO attributable to noncontrolling interests in
		Operating Partnership			(4,352	)		(3,769	)		(9,920	)		(8,761	)
	FFO attributable to common stockholders			$	53,322		$	37,943		$	108,195		$	88,817
	Per diluted share			$	0.24		$	0.17		$	0.49		$	0.40

	FFO			$	71,273		$	60,136		$	143,220		$	131,161
	Non-core items:
		Adjustment to equity in earnings for contributions to
			(distributions from) an unconsolidated joint venture		168			10,492			(415	)		9,915
		Consolidated real estate fund's share of after-tax net gain
			on sale of residential condominium units (One Steuart Lane)		(1,022	)		-			(1,684	)		-
		Other, net			1,664			133			3,752			379
	Core FFO				72,083			70,761			144,873			141,455
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,945	)		(18,453	)		(26,460	)		(33,527	)
		Consolidated real estate fund			(128	)		29			(287	)		(56	)
	Core FFO attributable to Paramount Group Operating Partnership				58,010			52,337			118,126			107,872
	Less Core FFO attributable to noncontrolling interests in
		Operating Partnership			(4,377	)		(4,729	)		(9,915	)		(9,692	)
	Core FFO attributable to common stockholders			$	53,633		$	47,608		$	108,211		$	98,180
	Per diluted share			$	0.24		$	0.22		$	0.49		$	0.45

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding				222,971,886			218,696,284			220,888,664			218,681,228
	Effect of dilutive securities				26,594			51,117			41,355			50,563
	Denominator for FFO and Core FFO per diluted share				222,998,480			218,747,401			220,930,019			218,731,791

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 Six Months Ended
			June 30,						June 30,
			2022			2021			2022			2021
Reconciliation of Net Income (Loss) to Same Store NOI and Same Store Cash NOI:
	Net income (loss)		$	4,038		$	(10,128	)	$	10,160		$	(8,244	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization		57,398			59,925			113,022			118,230
		General and administrative		16,706			18,418			32,351			32,782
		Interest and debt expense		35,578			34,914			69,855			69,653
		Income tax expense		359			434			886			1,575
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)		11,585			10,557			22,819			20,883
		Loss from unconsolidated joint ventures		4,416			15,717			9,529			21,033
		Fee income		(5,974	)		(6,201	)		(17,962	)		(12,871	)
		Interest and other income, net		(796	)		(1,070	)		(1,027	)		(2,372	)
		Other, net		4			(13	)		(49	)		88
	NOI			123,314			122,553			239,584			240,757
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures		(21,796	)		(26,233	)		(42,118	)		(48,958	)
		Consolidated real estate fund		-			121			-			206
	PGRE's share of NOI			101,518			96,441			197,466			192,005
		Acquisitions / Redevelopment		(164	)		(231	)		(211	)		(231	)
		Lease termination income		(157	)		(1,614	)		(1,875	)		(1,712	)
		Other, net		1,578			(294	)		3,577			3,044
	PGRE's share of Same Store NOI		$	102,775		$	94,302		$	198,957		$	193,106

	NOI		$	123,314		$	122,553		$	239,584		$	240,757
	Less:
		Straight-line rent adjustments (including our share of unconsolidated joint ventures)		(5,977	)		(2,958	)		(4,319	)		(11,060	)
		Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures)		(1,128	)		(1,662	)		(2,325	)		(3,465	)
	Cash NOI			116,209			117,933			232,940			226,232
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures		(20,693	)		(24,198	)		(41,206	)		(43,139	)
		Consolidated real estate fund		-			121			-			206
	PGRE's share of Cash NOI			95,516			93,856			191,734			183,299
		Acquisitions / Redevelopment		(176	)		(287	)		(242	)		(287	)
		Lease termination income		(157	)		(1,614	)		(1,875	)		(1,712	)
		Other, net		1,608			(271	)		3,211			2,835
	PGRE's share of Same Store Cash NOI		$	96,791		$	91,684		$	192,828		$	184,135

EX-99.2 3 pgre-ex992_681.htm EX-99.2 pgre-ex992_681.htm

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)

James Feldman	Thomas Catherwood	Derek Johnston
Bank of America Merrill Lynch	BTIG	Deutsche Bank
(646) 855-5808	(212) 738-6140	(904) 520-4973
james.feldman@baml.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 (loss) income attributable to common stockholders	$	(0.01	)	$	0.03
			Our share of real estate depreciation and amortization		0.96			0.96
			Estimated Core FFO (1)(2)	$	0.95		$	0.99

	Operating Assumptions:
		Leasing Activity (square feet)			825,000			1,225,000
		PGRE's share of Same Store Leased % (2) at year end			93.6	%		95.0	%
		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 (loss) income		$	(2,000	)	$	8,000
			Depreciation and amortization		232,000			232,000
			General and administrative expenses		62,000			60,000
			Interest and debt expense, including amortization of deferred financing costs		134,000			132,000
			Fee income, net of income taxes		(29,500	)		(30,500	)
		NOI (2)			396,500			401,500
			Straight-line rent adjustments and above and below-market lease revenue, net		(16,500	)		(17,500	)
		Cash NOI (2)		$	380,000		$	384,000

(1)		We are raising our Estimated Core FFO Guidance for the full year of 2022, which is reconciled above to estimated net (loss) 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 (loss) 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 July 26, 2022 and otherwise to be referenced during our conference call scheduled for July 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								Six Months Ended
SELECTED FINANCIAL DATA			June 30, 2022			June 30, 2021			March 31, 2022		June 30, 2022		June 30, 2021
	Net (loss) income attributable to common stockholders		$	(360	)	$	(15,943	)	$	3,371	$	3,011	$	(19,521	)
	Per share - basic and diluted		$	(0.00	)	$	(0.07	)	$	0.02	$	0.01	$	(0.09	)

	Core FFO attributable to common stockholders (1)		$	53,633		$	47,608		$	54,578	$	108,211	$	98,180
		Per share - diluted	$	0.24		$	0.22		$	0.25	$	0.49	$	0.45

	PGRE's share of Cash NOI (1)		$	95,516		$	93,856		$	96,218	$	191,734	$	183,299
	PGRE's share of NOI (1)		$	101,518		$	96,441		$	95,948	$	197,466	$	192,005

Same Store Cash NOI (1)	% Change			Same Store NOI (1)	% Change
Three Months Ended June 30, 2022 vs. June 30, 2021		5.6	%	Three Months Ended June 30, 2022 vs. June 30, 2021		9.0	%
Six Months Ended June 30, 2022 vs. June 30, 2021		4.7	%	Six Months Ended June 30, 2022 vs. June 30, 2021		3.0	%

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Leased % (1)		91.4	%		90.6	%		90.7	%		90.3	%		88.0	%

Same Store Leased % (1)	% Change			Same Store Leased % (1)	% Change
June 30, 2022 vs. March 31, 2022		0.9	%	June 30, 2022 vs. June 30, 2021		3.5	%
June 30, 2022 vs. December 31, 2021		0.8	%

COMMON SHARE DATA

		Three Months Ended
Share Price:		June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
	High	$	11.04		$	11.54		$	9.53		$	10.32		$	11.65
	Low	$	7.08		$	8.22		$	7.79		$	8.35		$	9.86
	Closing (end of period)	$	7.23		$	10.91		$	8.34		$	8.99		$	10.07

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

(1)

See page 48 for our definition of this measure.

- 7 -


		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			June 30, 2022			December 31, 2021
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,103,782			6,061,824
				8,070,019			8,028,061
		Accumulated depreciation and amortization		(1,199,035	)		(1,112,977	)
	Real estate, net			6,870,984			6,915,084
	Cash and cash equivalents			506,933			524,900
	Restricted cash			24,934			4,766
	Investments in unconsolidated joint ventures			429,418			408,096
	Investments in unconsolidated real estate funds			14,156			11,421
	Accounts and other receivables			17,788			15,582
	Deferred rent receivable			336,736			332,735
	Deferred charges, net			119,431			122,177
	Intangible assets, net			104,929			119,413
	Other assets			56,920			40,388
Total assets			$	8,482,229		$	8,494,562

Liabilities:
	Notes and mortgages payable, net		$	3,837,968		$	3,835,620
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			108,464			116,192
	Dividends and distributions payable			18,787			16,895
	Intangible liabilities, net			41,119			45,328
	Other liabilities			24,537			25,495
Total liabilities				4,030,875			4,039,530

Equity:
	Paramount Group, Inc. equity			3,697,192			3,588,163
	Noncontrolling interests in:
		Consolidated joint ventures		412,189			428,833
		Consolidated real estate fund		80,557			81,925
		Operating Partnership		261,416			356,111
Total equity				4,451,354			4,455,032

Total liabilities and equity			$	8,482,229		$	8,494,562

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended									Six Months Ended
		June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Revenues:
	Rental revenue (1)	$	177,243		$	174,628		$	169,922		$	347,165		$	347,774
	Fee and other income (1)		8,274			7,641			13,763			22,037			15,661
Total revenues			185,517			182,269			183,685			369,202			363,435

Expenses:
	Operating		67,814			64,072			66,661			134,475			130,690
	Depreciation and amortization		57,398			59,925			55,624			113,022			118,230
	General and administrative		16,706			18,418			15,645			32,351			32,782
	Transaction related costs		159			135			117			276			416
Total expenses			142,077			142,550			138,047			280,124			282,118

Other income (expense):
	Loss from unconsolidated joint ventures		(4,416	)		(15,717	)		(5,113	)		(9,529	)		(21,033	)
	Income from unconsolidated real estate funds		155			148			170			325			328
	Interest and other income, net (1)		796			1,070			231			1,027			2,372
	Interest and debt expense (1)		(35,578	)		(34,914	)		(34,277	)		(69,855	)		(69,653	)
Net income (loss) before income taxes			4,397			(9,694	)		6,649			11,046			(6,669	)
	Income tax expense		(359	)		(434	)		(527	)		(886	)		(1,575	)
Net income (loss)			4,038			(10,128	)		6,122			10,160			(8,244	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(4,779	)		(7,428	)		(3,425	)		(8,204	)		(13,156	)
	Consolidated real estate fund		352			29			1,016			1,368			(56	)
	Operating Partnership		29			1,584			(342	)		(313	)		1,935
Net (loss) income attributable to common stockholders		$	(360	)	$	(15,943	)	$	3,371		$	3,011		$	(19,521	)
	Per diluted share	$	(0.00	)	$	(0.07	)	$	0.02		$	0.01		$	(0.09	)

(1)	See page 10 for details.

- 9 -



		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended							Six Months Ended
Rental Revenue:		June 30, 2022		June 30, 2021		March 31, 2022			June 30, 2022		June 30, 2021
	Property rentals	$	158,519	$	157,043	$	156,922		$	315,441	$	309,969
	Tenant reimbursements		12,462		9,415		12,532			24,994		21,484
	Straight-line rent adjustments		5,790		2,350		(1,789	)		4,001		9,632
	Amortization of above and below-market leases, net		315		758		358			673		1,613
	Lease termination income		157		5,062		1,899			2,056		5,076
Total rental revenue		$	177,243	$	174,628	$	169,922		$	347,165	$	347,774

			Three Months Ended						Six Months Ended
Fee and Other Income:			June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
	Asset management		$	3,087	$	3,409	$	2,885	$	5,972	$	6,895
	Property management			2,103		2,085		2,219		4,322		4,281
	Acquisition, disposition, leasing and other			784		707		6,884		7,668		1,695
	Total fee income			5,974		6,201		11,988		17,962		12,871
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		2,300		1,440		1,775		4,075		2,790
Total fee and other income			$	8,274	$	7,641	$	13,763	$	22,037	$	15,661

			Three Months Ended						Six Months Ended
Interest and Other Income, net:			June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
	Interest income, net		$	796	$	397	$	231	$	1,027	$	787
	Mark-to-market of deferred compensation plan assets (offset by
		increase (decrease) in the mark-to-market of plan liabilities,
		which is included in "general and administrative" expenses) (1)		-		673		-		-		1,585
Total interest and other income, net			$	796	$	1,070	$	231	$	1,027	$	2,372

(1)

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

		Three Months Ended						Six Months Ended
Interest and Debt Expense:		June 30, 2022		June 30, 2021		March 31, 2022		June 30, 2022		June 30, 2021
	Interest expense	$	34,039	$	32,593	$	32,739	$	66,778	$	65,013
	Amortization of deferred financing costs		1,539		2,321		1,538		3,077		4,640
Total interest and debt expense		$	35,578	$	34,914	$	34,277	$	69,855	$	69,653

- 10 -



		FFO

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

			Three Months Ended									Six Months Ended
			June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)		$	4,038		$	(10,128	)	$	6,122		$	10,160		$	(8,244	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)		67,235			70,264			65,825			133,060			139,405
	FFO (1)			71,273			60,136			71,947			143,220			131,161
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,945	)		(18,453	)		(12,515	)		(26,460	)		(33,527	)
		Consolidated real estate fund		346			29			1,009			1,355			(56	)
	FFO attributable to Paramount Group Operating Partnership			57,674			41,712			60,441			118,115			97,578
	Less FFO attributable to noncontrolling interests in Operating Partnership			(4,352	)		(3,769	)		(5,568	)		(9,920	)		(8,761	)
	FFO attributable to common stockholders (1)		$	53,322		$	37,943		$	54,873		$	108,195		$	88,817
	Per diluted share		$	0.24		$	0.17		$	0.25		$	0.49		$	0.40

	FFO		$	71,273		$	60,136		$	71,947		$	143,220		$	131,161
	Non-core items:
		Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		168			10,492			(583	)		(415	)		9,915
		Consolidated real estate fund's share of after-tax net gain on sale of residential condominium units (One Steuart Lane)		(1,022	)		-			(662	)		(1,684	)		-
		Other, net		1,664			133			2,088			3,752			379
	Core FFO (1)			72,083			70,761			72,790			144,873			141,455
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(13,945	)		(18,453	)		(12,515	)		(26,460	)		(33,527	)
		Consolidated real estate fund		(128	)		29			(159	)		(287	)		(56	)
	Core FFO attributable to Paramount Group Operating Partnership			58,010			52,337			60,116			118,126			107,872
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(4,377	)		(4,729	)		(5,538	)		(9,915	)		(9,692	)
	Core FFO attributable to common stockholders (1)		$	53,633		$	47,608		$	54,578		$	108,211		$	98,180
	Per diluted share		$	0.24		$	0.22		$	0.25		$	0.49		$	0.45

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			222,971,886			218,696,284			218,782,296			220,888,664			218,681,228
	Effect of dilutive securities			26,594			51,117			57,798			41,355			50,563
	Denominator for FFO and Core FFO per diluted share			222,998,480			218,747,401			218,840,094			220,930,019			218,731,791

(1)	See page 48 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)

				Three Months Ended									Six Months Ended
				June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Reconciliation of Core FFO to FAD:
	Core FFO			$	72,083		$	70,761		$	72,790		$	144,873		$	141,455
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(5,977	)		(2,958	)		1,658			(4,319	)		(11,060	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,128	)		(1,662	)		(1,197	)		(2,325	)		(3,465	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		1,935			2,643			1,949			3,884			5,285
		Amortization of stock-based compensation expense			4,142			4,743			6,562			10,704			10,229
		Expenditures to maintain assets			(11,281	)		(4,825	)		(9,500	)		(20,781	)		(6,940	)
		Second generation tenant improvements and leasing commissions			(16,358	)		(20,835	)		(14,057	)		(30,415	)		(29,076	)
	FAD (2)				43,416			47,867			58,205			101,621			106,428
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(7,757	)		(6,144	)		(11,345	)		(19,102	)		(13,018	)
		Consolidated real estate fund			(205	)		29			(243	)		(448	)		(56	)
	FAD attributable to Paramount Group Operating Partnership				35,454			41,752			46,617			82,071			93,354
	Less FAD attributable to noncontrolling interests in Operating Partnership				(2,675	)		(3,772	)		(4,295	)		(6,970	)		(8,383	)
	FAD attributable to common stockholders (1) (2)			$	32,779		$	37,980		$	42,322		$	75,101		$	84,971

	Dividends declared on common stock			$	17,485		$	15,327		$	16,978		$	34,463		$	30,654

(1)	See page 48 for our definition of this measure.

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

- 12 -


		EBITDAre

(unaudited and in thousands)

				Three Months Ended									Six Months Ended
				June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)			$	4,038		$	(10,128	)	$	6,122		$	10,160		$	(8,244	)
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		67,235			70,264			65,825			133,060			139,405
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		41,882			40,347			40,912			82,794			80,443
		Income tax expense (including our share of
			unconsolidated joint ventures)		366			433			540			906			1,582
	EBITDAre (1)				113,521			100,916			113,399			226,920			213,186
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,830	)		(26,241	)		(20,337	)		(42,167	)		(48,984	)
		Consolidated real estate fund			(409	)		25			(104	)		(513	)		(63	)
	PGRE's share of EBITDAre (1)			$	91,282		$	74,700		$	92,958		$	184,240		$	164,139



	EBITDAre			$	113,521		$	100,916		$	113,399		$	226,920		$	213,186
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture			168			10,492			(583	)		(415	)		9,915
		Consolidated real estate fund's share of net gain on sale of residential condominium units (One Steuart Lane)			(1,022	)		-			(662	)		(1,684	)		-
		Other, net			613			14			565			1,178			59
	Adjusted EBITDAre (1)				113,280			111,422			112,719			225,999			223,160
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,830	)		(26,241	)		(20,337	)		(42,167	)		(48,984	)
	PGRE's share of Adjusted EBITDAre (1)			$	91,450		$	85,181		$	92,382		$	183,832		$	174,176

(1)	See page 48 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)

				Three Months Ended									Six Months Ended
				June 30, 2022			June 30, 2021			March 31, 2022			June 30, 2022			June 30, 2021
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	4,038		$	(10,128	)	$	6,122		$	10,160		$	(8,244	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			57,398			59,925			55,624			113,022			118,230
		General and administrative			16,706			18,418			15,645			32,351			32,782
		Interest and debt expense			35,578			34,914			34,277			69,855			69,653
		Income tax expense			359			434			527			886			1,575
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,585			10,557			11,234			22,819			20,883
		Loss from unconsolidated joint ventures			4,416			15,717			5,113			9,529			21,033
		Fee income			(5,974	)		(6,201	)		(11,988	)		(17,962	)		(12,871	)
		Interest and other income, net			(796	)		(1,070	)		(231	)		(1,027	)		(2,372	)
		Other, net			4			(13	)		(53	)		(49	)		88
	NOI (1)				123,314			122,553			116,270			239,584			240,757
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,796	)		(26,233	)		(20,322	)		(42,118	)		(48,958	)
		Consolidated real estate fund			-			121			-			-			206
	PGRE's share of NOI (1)			$	101,518		$	96,441		$	95,948		$	197,466		$	192,005

	NOI			$	123,314		$	122,553		$	116,270		$	239,584		$	240,757
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(5,977	)		(2,958	)		1,658			(4,319	)		(11,060	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(1,128	)		(1,662	)		(1,197	)		(2,325	)		(3,465	)
	Cash NOI (1)				116,209			117,933			116,731			232,940			226,232
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,693	)		(24,198	)		(20,513	)		(41,206	)		(43,139	)
		Consolidated real estate fund			-			121			-			-			206
	PGRE's share of Cash NOI (1)			$	95,516		$	93,856		$	96,218		$	191,734		$	183,299

(1)	See page 48 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)

				Three Months Ended June 30, 2022
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	4,038		$	7,427		$	11,069		$	(14,458	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			57,398			38,671			17,799			928
		General and administrative			16,706			-			-			16,706
		Interest and debt expense			35,578			22,136			12,684			758
		Income tax expense			359			1			-			358
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			11,585			3,528			7,971			86
		Loss (income) from unconsolidated joint ventures			4,416			(33	)		3,960			489
		Fee income			(5,974	)		-			-			(5,974	)
		Interest and other income, net			(796	)		(49	)		(51	)		(696	)
		Other, net			4			-			-			4
	NOI (1)				123,314			71,681			53,432			(1,799	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(21,796	)		(2,616	)		(19,180	)		-
	PGRE's share of NOI for the three months ended June 30, 2022			$	101,518		$	69,065		$	34,252		$	(1,799	)
	PGRE's share of NOI for the three months ended June 30, 2021			$	96,441		$	62,620		$	35,745		$	(1,924	)


	NOI			$	123,314		$	71,681		$	53,432		$	(1,799	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(5,977	)		(1,180	)		(4,767	)		(30	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(1,128	)		422			(1,550	)		-
	Cash NOI (1)				116,209			70,923			47,115			(1,829	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(20,693	)		(2,769	)		(17,924	)		-
	PGRE's share of Cash NOI for the three months ended June 30, 2022			$	95,516		$	68,154		$	29,191		$	(1,829	)
	PGRE's share of Cash NOI for the three months ended June 30, 2021			$	93,856		$	63,189		$	32,621		$	(1,954	)

(1)	See page 48 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)

				Six Months Ended June 30, 2022
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	10,160		$	16,031		$	17,429		$	(23,300	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			113,022			76,284			34,864			1,874
		General and administrative			32,351			-			-			32,351
		Interest and debt expense			69,855			43,073			25,260			1,522
		Income tax expense			886			2			4			880
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			22,819			6,346			16,325			148
		Loss from unconsolidated joint ventures			9,529			3			7,780			1,746
		Fee income			(17,962	)		-			-			(17,962	)
		Interest and other income, net			(1,027	)		(46	)		(79	)		(902	)
		Other, net			(49	)		-			-			(49	)
	NOI (1)				239,584			141,693			101,583			(3,692	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(42,118	)		(5,425	)		(36,693	)		-
	PGRE's share of NOI for the six months ended June 30, 2022			$	197,466		$	136,268		$	64,890		$	(3,692	)
	PGRE's share of NOI for the six months ended June 30, 2021			$	192,005		$	125,661		$	69,684		$	(3,340	)


	NOI			$	239,584		$	141,693		$	101,583		$	(3,692	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(4,319	)		(631	)		(3,748	)		60
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,325	)		889			(3,214	)		-
	Cash NOI (1)				232,940			141,951			94,621			(3,632	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(41,206	)		(5,684	)		(35,522	)		-
	PGRE's share of Cash NOI for the six months ended June 30, 2022			$	191,734		$	136,267		$	59,099		$	(3,632	)
	PGRE's share of Cash NOI for the six months ended June 30, 2021			$	183,299		$	124,810		$	61,769		$	(3,280	)

(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 June 30, 2022
			Total			New York				San Francisco			Other
	PGRE's share of Cash NOI for the three months ended June 30, 2022		$	95,516		$	68,154			$	29,191		$	(1,829	)
		Acquisitions / Redevelopment		(176	)		(176	)	(2)		-			-
		Lease termination income		(157	)		(157	)			-			-
		Other, net		1,608			-				(221	)		1,829
	PGRE's share of Same Store Cash NOI for the three months ended June 30, 2022		$	96,791		$	67,821			$	28,970		$	-

		Three Months Ended June 30, 2021
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the three months ended June 30, 2021		$	93,856		$	63,189			$	32,621		$	(1,954	)
	Acquisitions / Redevelopment		(287	)		(287	)	(3)		-			-
	Lease termination income		(1,614	)		(44	)			(1,570	)		-
	Other, net		(271	)		(732	)			(1,493	)		1,954
PGRE's share of Same Store Cash NOI for the three months ended June 30, 2021		$	91,684		$	62,126			$	29,558		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	5,107			$	5,695			$	(588	)		$	-
	% Increase (decrease)		5.6	%			9.2	%			(2.0	%)

(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 June 30, 2022
			Total			New York				San Francisco			Other
	PGRE's share of NOI for the three months ended June 30, 2022		$	101,518		$	69,065			$	34,252		$	(1,799	)
		Acquisitions / Redevelopment		(164	)		(164	)	(2)		-			-
		Lease termination income		(157	)		(157	)			-			-
		Other, net		1,578			-				(221	)		1,799
	PGRE's share of Same Store NOI for the three months ended June 30, 2022		$	102,775		$	68,744			$	34,031		$	-

		Three Months Ended June 30, 2021
		Total			New York				San Francisco			Other
PGRE's share of NOI for the three months ended June 30, 2021		$	96,441		$	62,620			$	35,745		$	(1,924	)
	Acquisitions / Redevelopment		(231	)		(231	)	(3)		-			-
	Lease termination income		(1,614	)		(44	)			(1,570	)		-
	Other, net		(294	)		(732	)			(1,486	)		1,924
PGRE's share of Same Store NOI for the three months ended June 30, 2021		$	94,302		$	61,613			$	32,689		$	-

	Increase in PGRE's share of Same Store NOI	$	8,473			$	7,131			$	1,342			$	-
	% Increase		9.0	%			11.6	%			4.1	%

(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)			Six Months Ended June 30, 2022
			Total			New York				San Francisco			Other
	PGRE's share of Cash NOI for the six months ended June 30, 2022		$	191,734		$	136,267			$	59,099		$	(3,632	)
		Acquisitions / Redevelopment		(242	)		(242	)	(2)		-			-
		Lease termination income		(1,875	)		(1,875	)			-			-
		Other, net		3,211			(200	)			(221	)		3,632
	PGRE's share of Same Store Cash NOI for the six months ended June 30, 2022		$	192,828		$	133,950			$	58,878		$	-

		Six Months Ended June 30, 2021
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the six months ended June 30, 2021		$	183,299		$	124,810			$	61,769		$	(3,280	)
	Acquisitions / Redevelopment		(287	)		(287	)	(3)		-			-
	Lease termination income		(1,712	)		(128	)			(1,584	)		-
	Other, net		2,835			(245	)			(200	)		3,280
PGRE's share of Same Store Cash NOI for the six months ended June 30, 2021		$	184,135		$	124,150			$	59,985		$	-

	Increase (decrease) in PGRE's share of Same Store Cash NOI	$	8,693			$	9,800			$	(1,107	)		$	-
	% Increase (decrease)		4.7	%			7.9	%			(1.8	%)

(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)			Six Months Ended June 30, 2022
			Total			New York				San Francisco			Other
	PGRE's share of NOI for the six months ended June 30, 2022		$	197,466		$	136,268			$	64,890		$	(3,692	)
		Acquisitions / Redevelopment		(211	)		(211	)	(2)		-			-
		Lease termination income		(1,875	)		(1,875	)			-			-
		Other, net		3,577			106				(221	)		3,692
	PGRE's share of Same Store NOI for the six months ended June 30, 2022		$	198,957		$	134,288			$	64,669		$	-

		Six Months Ended June 30, 2021
		Total			New York				San Francisco			Other
PGRE's share of NOI for the six months ended June 30, 2021		$	192,005		$	125,661			$	69,684		$	(3,340	)
	Acquisitions / Redevelopment		(231	)		(231	)	(3)		-			-
	Lease termination income		(1,712	)		(128	)			(1,584	)		-
	Other, net		3,044			(103	)			(193	)		3,340
PGRE's share of Same Store NOI for the six months ended June 30, 2021		$	193,106		$	125,199			$	67,907		$	-

	Increase (decrease) in PGRE's share of Same Store NOI	$	5,851			$	9,089			$	(3,238	)		$	-
	% Increase (decrease)		3.0	%			7.3	%			(4.8	%)

(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 June 30, 2022
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated								Residential
		Joint Ventures		1633 Broadway		One Market Plaza		300 Mission Street		Development Fund
PGRE Ownership				90.0%		49.0%		31.1%		7.4%
Assets:
	Real estate, net	$	3,380,167	$	1,736,599	$	1,160,215	$	483,353	$	-
	Cash and cash equivalents		162,715		75,062		50,557		37,096		3,142
	Restricted cash		1,316		78		1,238		-		-
	Investments in unconsolidated joint ventures		-		-		-		-		80,870
	Accounts and other receivables		8,696		7,514		596		586		134
	Deferred rent receivable		195,704		111,534		60,281		23,889		-
	Deferred charges, net		51,886		26,163		17,675		8,048		-
	Intangible assets, net		56,543		45,188		9,559		1,796		-
	Other assets		9,675		1,520		7,009		1,146		4,109
Total Assets		$	3,866,702	$	2,003,658	$	1,307,130	$	555,914	$	88,255

Liabilities:
	Notes and mortgages payable, net	$	2,488,886	$	1,242,614	$	973,272	$	273,000	$	-
	Accounts payable and accrued expenses		50,114		14,974		25,234		9,906		58
	Intangible liabilities, net		25,170		14,972		9,613		585		-
	Other liabilities		4,817		342		4,472		3		890
Total Liabilities			2,568,987		1,272,902		1,012,591		283,494		948

Equity:
	Paramount Group, Inc. equity		885,526		657,185		144,394		83,947		6,750
	Noncontrolling interests		412,189		73,571		150,145		188,473		80,557
Total Equity			1,297,715		730,756		294,539		272,420		87,307

Total Liabilities and Equity		$	3,866,702	$	2,003,658	$	1,307,130	$	555,914	$	88,255

- 21 -


		CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2021
		Consolidated Joint Ventures								Consolidated Fund
		Total Consolidated								Residential
		Joint Ventures		1633 Broadway		One Market Plaza		300 Mission 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 June 30, 2022
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	98,465		$	48,779		$	37,114		$	12,572		$	-
Total operating expenses			32,153			18,382			10,142			3,629			-
Net operating income (1)			66,312			30,397			26,972			8,943			-
Depreciation and amortization			(27,849	)		(14,066	)		(9,710	)		(4,073	)		-
Interest and other income, net			99			49			33			17			109
Interest and debt expense			(22,389	)		(9,705	)		(10,193	)		(2,491	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(518	)
Net income (loss) before income taxes			16,173			6,675			7,102			2,396			(409	)
Income tax expense			(1	)		(1	)		-			-			-
Net income (loss)		$	16,172		$	6,674		$	7,102		$	2,396		$	(409	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	10,227		$	6,009		$	3,475		$	743		$	(57	)
	Add: Management fee income		1,166			423			186			557			-
	PGRE's share of net income (loss)		11,393			6,432			3,661			1,300			(57	)
	Add: Real estate depreciation and amortization		18,683			12,658			4,759			1,266			-
	FFO (1)		30,076			19,090			8,420			2,566			(57	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			38
	Core FFO (1)	$	30,076		$	19,090		$	8,420		$	2,566		$	(19	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	5,945		$	665		$	3,627		$	1,653		$	(352	)
	Less: Management fee expense		(1,166	)		(423	)		(186	)		(557	)		-
	Net income (loss) attributable to noncontrolling interests		4,779			242			3,441			1,096			(352	)
	Add: Real estate depreciation and amortization		9,166			1,408			4,951			2,807			6
	FFO (1)		13,945			1,650			8,392			3,903			(346	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			474
	Core FFO (1)	$	13,945		$	1,650		$	8,392		$	3,903		$	128

(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 June 30, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	101,775		$	46,753		$	36,270		$	18,752		$	-
Total operating expenses			30,070			17,421			9,263			3,386			-
Net operating income (1)			71,705			29,332			27,007			15,366			-
Depreciation and amortization			(30,794	)		(14,035	)		(10,737	)		(6,022	)		-
Interest and other income (loss), net			15			(3	)		20			(2	)		105
Interest and debt expense			(22,243	)		(9,703	)		(10,193	)		(2,347	)		(4	)
Loss from unconsolidated joint ventures			-			-			-			-			(132	)
Net income (loss) before income taxes			18,683			5,591			6,097			6,995			(31	)
Income tax expense			(5	)		(5	)		-			-			-
Net income (loss)		$	18,678		$	5,586		$	6,097		$	6,995		$	(31	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	10,178		$	5,025		$	2,982		$	2,171		$	(2	)
	Add: Management fee income		1,072			416			177			479			-
	PGRE's share of net income (loss)		11,250			5,441			3,159			2,650			(2	)
	Add: Real estate depreciation and amortization		19,769			12,634			5,262			1,873			-
	FFO/Core FFO (1)	$	31,019		$	18,075		$	8,421		$	4,523		$	(2	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	8,500		$	561		$	3,115		$	4,824		$	(29	)
	Less: Management fee expense		(1,072	)		(416	)		(177	)		(479	)		-
	Net income (loss) attributable to noncontrolling interests		7,428			145			2,938			4,345			(29	)
	Add: Real estate depreciation and amortization		11,025			1,401			5,475			4,149			-
	FFO/Core FFO (1)	$	18,453		$	1,546		$	8,413		$	8,494		$	(29	)

(1)	See page 48 for our definition of these measures.

- 24 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2022
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	195,088		$	99,374		$	71,886		$	23,828		$	-
Total operating expenses			63,607			36,722			20,253			6,632			-
Net operating income (1)			131,481			62,652			51,633			17,196			-
Depreciation and amortization			(55,836	)		(28,486	)		(19,206	)		(8,144	)		-
Interest and other income, net			124			46			59			19			215
Interest and debt expense			(44,564	)		(19,304	)		(20,278	)		(4,982	)		-
Loss from unconsolidated joint ventures			-			-			-			-			(1,787	)
Net income (loss) before income taxes			31,205			14,908			12,208			4,089			(1,572	)
Income tax expense			(6	)		(2	)		(2	)		(2	)		(2	)
Net income (loss)		$	31,199		$	14,906		$	12,206		$	4,087		$	(1,574	)

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	20,662		$	13,417		$	5,977		$	1,268		$	(206	)
	Add: Management fee income		2,333			838			386			1,109			-
	PGRE's share of net income (loss)		22,995			14,255			6,363			2,377			(206	)
	Add: Real estate depreciation and amortization		37,580			25,638			9,411			2,531			-
	FFO (1)		60,575			39,893			15,774			4,908			(206	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			132
	Core FFO (1)	$	60,575		$	39,893		$	15,774		$	4,908		$	(74	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income (loss)	$	10,537		$	1,489		$	6,229		$	2,819		$	(1,368	)
	Less: Management fee expense		(2,333	)		(838	)		(386	)		(1,109	)		-
	Net income (loss) attributable to noncontrolling interests		8,204			651			5,843			1,710			(1,368	)
	Add: Real estate depreciation and amortization		18,256			2,848			9,795			5,613			13
	FFO (1)		26,460			3,499			15,638			7,323			(1,355	)
	Less: FFO attributable to One Steuart Lane		-			-			-			-			1,642
	Core FFO (1)	$	26,460		$	3,499		$	15,638		$	7,323		$	287

(1)	See page 48 for our definition of this measure.

- 25 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2021
		Consolidated Joint Ventures												Consolidated Fund
		Total Consolidated												Residential
		Joint Ventures			1633 Broadway			One Market Plaza			300 Mission Street			Development Fund
Total revenues		$	199,013		$	94,232		$	72,598		$	32,183		$	-
Total operating expenses			60,038			34,809			18,589			6,640			-
Net operating income (1)			138,975			59,423			54,009			25,543			-
Depreciation and amortization			(59,079	)		(28,174	)		(20,881	)		(10,024	)		-
Interest and other income (loss), net			38			(17	)		54			1			253
Interest and debt expense			(44,229	)		(19,336	)		(20,278	)		(4,615	)		(4	)
Loss from unconsolidated joint ventures			-			-			-			-			(225	)
Net income before income taxes			35,705			11,896			12,904			10,905			24
Income tax expense			(6	)		(5	)		(1	)		-			(2	)
Net income		$	35,699		$	11,891		$	12,903		$	10,905		$	22

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%			7.4%
	Net income (loss)	$	20,408		$	10,705		$	6,317		$	3,386		$	(34	)
	Add: Management fee income		2,135			827			371			937			-
	PGRE's share of net income (loss)		22,543			11,532			6,688			4,323			(34	)
	Add: Real estate depreciation and amortization		38,708			25,358			10,232			3,118			-
	FFO/Core FFO (1)	$	61,251		$	36,890		$	16,920		$	7,441		$	(34	)

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%			92.6%
	Net income	$	15,291		$	1,186		$	6,586		$	7,519		$	56
	Less: Management fee expense		(2,135	)		(827	)		(371	)		(937	)		-
	Net income attributable to noncontrolling interests		13,156			359			6,215			6,582			56
	Add: Real estate depreciation and amortization		20,371			2,816			10,649			6,906			-
	FFO/Core FFO (1)	$	33,527		$	3,175		$	16,864		$	13,488		$	56

(1)	See page 48 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of June 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	$	2,384,038	$	212,953		$	635,452	$	362,845	$	215,433	$	957,355
	Cash and cash equivalents		127,972		23,070			35,233		17,984		5,671		46,014
	Restricted cash		136,362		5,673			-		-		1,747		128,942
	Accounts and other receivables		7,541		5,981			155		329		46		1,030
	Deferred rent receivable		29,993		18,127			5,803		2,419		2,997		647
	Deferred charges, net		12,342		9,114			1,223		794		1,211		-
	Intangible assets, net		80,237		-			20,399		13,447		3,377		43,014
	For-sale residential condominium units (2)		327,538		-			-		-		-		327,538
	Other assets		18,941		420			15,249		498		343		2,431
Total Assets		$	3,124,964	$	275,338		$	713,514	$	398,316	$	230,825	$	1,506,971

Liabilities:
	Notes and mortgages payable, net	$	1,845,996	$	297,980		$	408,223	$	186,830	$	156,111	$	796,852
	Accounts payable and accrued expenses		53,766		6,364			11,828		5,979		3,945		25,650
	Intangible liabilities, net		14,489		-			3,688		9,063		1,738		-
	Other liabilities		7,357		483			98		138		285		6,353
Total Liabilities			1,921,608		304,827			423,837		202,010		162,079		828,855


Total Equity			1,203,356		(29,489	)		289,677		196,306		68,746		678,116

Total Liabilities and Equity		$	3,124,964	$	275,338		$	713,514	$	398,316	$	230,825	$	1,506,971

(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 June 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	85,960		$	10,657		$	14,604		$	7,539		$	3,862		$	49,298		(2)
Total operating expenses			52,293			4,971			6,931			3,366			1,802			35,223		(2)
Net operating income (3)			33,667			5,686			7,673			4,173			2,060			14,075
Depreciation and amortization			(23,508	)		(2,692	)		(7,982	)		(4,049	)		(1,855	)		(6,930	)
Interest and other income (loss), net			58			16			10			(9	)		(4	)		45
Interest and debt expense			(16,335	)		(2,674	)		(3,407	)		(1,856	)		(1,589	)		(6,809	)
Net (loss) income before income taxes			(6,118	)		336			(3,706	)		(1,741	)		(1,388	)		381
Income tax expense			(14	)		-			(1	)		(12	)		(1	)		-
Net (loss) income		$	(6,132	)	$	336		$	(3,707	)	$	(1,753	)	$	(1,389	)	$	381

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(4,151	)	$	168		$	(2,487	)	$	(789	)	$	(681	)	$	(362	)
	Less: Step-up basis adjustment		(97	)		-			-			(3	)		-			(94	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(168	)		(168	)		-			-			-			-
	PGRE's share of net loss		(4,416	)		-			(2,487	)		(792	)		(681	)		(456	)
	Add: Real estate depreciation and amortization		9,837			1,346			5,348			1,789			909			445
	FFO (3)		5,421			1,346			2,861			997			228			(11	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		168			168			-			-			-			-
	Less: FFO attributable to One Steuart Lane		512			-			-			-			-			512
	Core FFO (3)	$	6,101		$	1,514		$	2,861		$	997		$	228		$	501

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(1,981	)	$	168		$	(1,220	)	$	(964	)	$	(708	)	$	743
	Add: Real estate depreciation and amortization		13,799			1,346			2,634			2,263			946			6,610
	FFO (3)		11,818			1,514			1,414			1,299			238			7,353
	Less: FFO attributable to One Steuart Lane		774			-			-			-			-			774
	Core FFO (3)	$	12,592		$	1,514		$	1,414		$	1,299		$	238		$	8,127

(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 June 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	57,776		$	9,811		$	13,641		$	8,178		$	3,594		$	22,552
Total operating expenses			25,467			5,691			6,436			3,398			1,694			8,248
Net operating income (2)			32,309			4,120			7,205			4,780			1,900			14,304
Depreciation and amortization			(27,014	)		(2,687	)		(8,156	)		(4,815	)		(1,763	)		(9,593	)
Interest and other (loss) income, net			(23	)		2			(8	)		(10	)		(3	)		(4	)
Interest and debt expense			(13,892	)		(2,707	)		(3,384	)		(1,856	)		(1,561	)		(4,384	)
Net (loss) income before income taxes			(8,620	)		(1,272	)		(4,343	)		(1,901	)		(1,427	)		323
Income tax benefit			1			-			-			1			-			-
Net (loss) income		$	(8,619	)	$	(1,272	)	$	(4,343	)	$	(1,900	)	$	(1,427	)	$	323

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(5,183	)	$	(636	)	$	(2,914	)	$	(845	)	$	(699	)	$	(89	)
	Less: Step-up basis adjustment		(42	)		-			-			(2	)		-			(40	)
	Less: Adjustments to equity in earnings for (contributions to) distributions from an unconsolidated joint venture		(10,492	)		(10,492	)		-			-			-			-
	PGRE's share of net loss		(15,717	)		(11,128	)		(2,914	)		(847	)		(699	)		(129	)
	Add: Real estate depreciation and amortization		10,339			1,344			5,465			2,121			864			545
	FFO (2)		(5,378	)		(9,784	)		2,551			1,274			165			416
	Add: Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		10,492			10,492			-			-			-			-
	Core FFO (2)	$	5,114		$	708		$	2,551		$	1,274		$	165		$	416

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(3,436	)	$	(636	)	$	(1,429	)	$	(1,055	)	$	(728	)	$	412
	Add: Real estate depreciation and amortization		16,717			1,343			2,691			2,696			899			9,088
	FFO/Core FFO (2)	$	13,281		$	707		$	1,262		$	1,641		$	171		$	9,500

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

(2)	See page 48 for our definition of these measures.

- 30 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Six Months Ended June 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	162,062		$	20,708		$	28,966		$	15,398		$	7,606		$	89,384		(2)
Total operating expenses			94,801			10,850			13,436			6,292			3,688			60,535		(2)
Net operating income (3)			67,261			9,858			15,530			9,106			3,918			28,849
Depreciation and amortization			(50,406	)		(5,346	)		(15,995	)		(8,636	)		(3,722	)		(16,707	)
Interest and other income (loss), net			16			4			3			(22	)		(9	)		40
Interest and debt expense			(33,933	)		(5,346	)		(6,767	)		(3,713	)		(3,160	)		(14,947	)
Net loss before income taxes			(17,062	)		(830	)		(7,229	)		(3,265	)		(2,973	)		(2,765	)
Income tax expense			(43	)		-			(3	)		(34	)		(4	)		(2	)
Net loss		$	(17,105	)	$	(830	)	$	(7,232	)	$	(3,299	)	$	(2,977	)	$	(2,767	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(9,772	)	$	(415	)	$	(4,850	)	$	(1,465	)	$	(1,459	)	$	(1,583	)
	Less: Step-up basis adjustment		(172	)		-			-			(6	)		-			(166	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		415			415			-			-			-			-
	PGRE's share of net loss		(9,529	)		-			(4,850	)		(1,471	)		(1,459	)		(1,749	)
	Add: Real estate depreciation and amortization		20,038			2,673			10,717			3,814			1,824			1,010
	FFO (3)		10,509			2,673			5,867			2,343			365			(739	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(415	)		(415	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		1,774			-			-			-			-			1,774
	Core FFO (3)	$	11,868		$	2,258		$	5,867		$	2,343		$	365		$	1,035

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(7,333	)	$	(415	)	$	(2,382	)	$	(1,834	)	$	(1,518	)	$	(1,184	)
	Add: Real estate depreciation and amortization		30,540			2,673			5,278			4,828			1,898			15,863
	FFO (3)		23,207			2,258			2,896			2,994			380			14,679
	Less: FFO attributable to One Steuart Lane		3,061			-			-			-			-			3,061
	Core FFO (3)	$	26,268		$	2,258		$	2,896		$	2,994		$	380		$	17,740

(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)

		Six Months Ended June 30, 2021
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	115,061		$	19,951		$	25,955		$	16,436		$	7,920		$	44,799
Total operating expenses			50,577			11,571			12,877			6,354			3,407			16,368
Net operating income (2)			64,484			8,380			13,078			10,082			4,513			28,431
Depreciation and amortization			(54,467	)		(5,455	)		(16,819	)		(9,628	)		(3,848	)		(18,717	)
Interest and other (loss) income, net			(56	)		1			(29	)		(13	)		(8	)		(7	)
Interest and debt expense			(27,632	)		(5,352	)		(6,731	)		(3,713	)		(3,080	)		(8,756	)
Net (loss) income before income taxes			(17,671	)		(2,426	)		(10,501	)		(3,272	)		(2,423	)		951
Income tax expense			(15	)		-			(3	)		(7	)		(3	)		(2	)
Net (loss) income		$	(17,686	)	$	(2,426	)	$	(10,504	)	$	(3,279	)	$	(2,426	)	$	949

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(11,034	)	$	(1,213	)	$	(7,044	)	$	(1,465	)	$	(1,189	)	$	(123	)
	Less: Step-up basis adjustment		(84	)		-			-			(4	)		-			(80	)
	Less: Adjustments to equity in earnings for (contributions to) distributions from an unconsolidated joint venture		(9,915	)		(9,915	)		-			-			-			-
	PGRE's share of net loss		(21,033	)		(11,128	)		(7,044	)		(1,469	)		(1,189	)		(203	)
	Add: Real estate depreciation and amortization		21,175			2,728			11,269			4,245			1,886			1,047
	FFO (2)		142			(8,400	)		4,225			2,776			697			844
	Add: Adjustments to equity in earnings for contributions to (distributions from) an unconsolidated joint venture		9,915			9,915			-			-			-			-
	Core FFO (2)	$	10,057		$	1,515		$	4,225		$	2,776		$	697		$	844

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(6,652	)	$	(1,213	)	$	(3,460	)	$	(1,814	)	$	(1,237	)	$	1,072
	Add: Real estate depreciation and amortization		33,376			2,727			5,550			5,387			1,962			17,750
	FFO/Core FFO (2)	$	26,724		$	1,514		$	2,090		$	3,573		$	725		$	18,822

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

(2)	See page 48 for our definition of these measures.

- 32 -


		CAPITAL STRUCTURE

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

			As of June 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)		623,714
	PGRE's Share of Total Debt (4)			3,671,379

		Shares / Units		Share Price as of
Equity:		Outstanding		June 30, 2022
	Common stock		225,625,481	$	7.23		1,631,272
	Operating Partnership units		15,900,186		7.23		114,958
	Total equity		241,525,667		7.23		1,746,230


Total Market Capitalization						$	5,417,609

(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			3.39	%		500,000			2.46	%		360,000			4.68	%
	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			3.49	%		3,498,000			3.37	%		360,000			4.68	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.42	%	$	2,687,665			3.25	%	$	360,000			4.68	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		410,552			3.06	%		402,000			3.07	%		8,552			2.56	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		156,530			3.65	%		-			-			156,530			3.65	%
	1600 Broadway (1)		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street		575,000			3.77	%		-			-			575,000			3.77	%
	Oder-Center, Germany		15,269			4.62	%		15,269			4.62	%		-			-
Total unconsolidated debt			1,742,851			3.53	%		1,002,769			3.38	%		740,082			3.73	%
Joint venture partners' share			(1,119,137	)		3.62	%		(490,293	)		3.45	%		(628,844	)		3.75	%
PGRE's share of unconsolidated debt		$	623,714			3.36	%	$	512,476			3.30	%	$	111,238			3.63	%

PGRE's share of Total Debt (2)		$	3,671,379			3.41	%	$	3,200,141			3.26	%	$	471,238			4.43	%

Revolving Credit Facility Covenants: (3)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		43.6	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		43.6	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.44x				Unconsolidated fixed rate debt		512,476
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,200,141		87.2	%
	Unencumbered Interest Coverage	Greater than 1.75x	48.02x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		111,238
							PGRE's share of variable rate debt		471,238		12.8	%
							PGRE's share of Total Debt (2)	$	3,671,379		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 June 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		(1)	$	-		$	-		$	-		$	-		$	575,000
	111 Sutter Street		-			156,530				-			-			-			-			156,530
	Market Center		-			-				-			410,552			-			-			410,552
	55 Second Street		-			-				-			-			187,500			-			187,500
	712 Fifth Avenue		-			-				-			-			-			300,000			300,000
	Oder-Center, Germany		-			-				-			-			-			15,269			15,269
	1600 Broadway (2)		-			-				-			-			-			98,000			98,000
Total unconsolidated debt			-			731,530				-			410,552			187,500			413,269			1,742,851
Joint venture partners' share			-			(626,022	)			-			(135,482	)		(104,831	)		(252,802	)		(1,119,137	)
PGRE's share of unconsolidated debt		$	-		$	105,508			$	-		$	275,070		$	82,669		$	160,467		$	623,714



PGRE's Share of Total Debt (3)		$	-		$	190,411			$	477,750		$	275,070		$	1,442,669		$	1,285,479		$	3,671,379

Weighted average rate			-	%		3.67	%			4.03	%		3.06	%		3.56	%		3.04	%		3.41	%

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

(1)	On February 15, 2022, the maturity date of the loan was extended to February 15, 2023.

(2)	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%.

(3)	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	%	$	182,075	$	80.43		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	%		96.2	%		85.9	%		9,463		73.22		254,609		-		254,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.6	%		98.6	%		191,538		80.34		2,527,380		-		2,527,380
1301 Avenue of the Americas
	Office		100.0	%		88.1	%		84.1	%		123,151		87.34		1,698,061		-		1,698,061	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff
	Retail / Amenity		100.0	%		89.0	%		89.0	%		2,576		185.78		49,707		-		49,707	Ocean Prime, Starbucks
			100.0	%		88.1	%		84.2	%		125,727		88.22		1,747,768		-		1,747,768
1325 Avenue of the Americas
	Office		100.0	%		94.9	%		90.7	%		48,059		67.15		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	%		95.0	%		90.9	%		49,474		67.47		825,298		-		825,298
31 West 52nd Street
	Office		100.0	%		92.8	%		92.0	%		62,758		92.02		742,006		-		742,006	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																					Centerview Partners, Bracewell, Providence Equity Partners
	Retail		100.0	%		97.8	%		97.8	%		5,110		119.04		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		93.0	%		92.2	%		67,868		92.99		767,919		-		767,919
900 Third Avenue
	Office		100.0	%		79.2	%		76.2	%		31,175		71.41		575,084		-		575,084	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse &
																					Hirschtritt, Littler Mendelson
	Retail		100.0	%		79.4	%		79.4	%		1,297		97.31		16,598		-		16,598	Bank of America
			100.0	%		79.2	%		76.3	%		32,472		72.17		591,682		-		591,682
712 Fifth Avenue
	Office		50.0	%		78.3	%		75.8	%		41,264		118.88		457,580		-		457,580	CVC Advisors, Aberdeen Standard Investments,
																					OMI Management, Riverstone Holdings, Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		7,861		437.43		85,917		-		85,917	Harry Winston
			50.0	%		69.2	%		67.1	%		49,125		134.54		543,497		-		543,497
1600 Broadway (3)
	Retail		9.2	%		100.0	%		100.0	%		10,227		301.57		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					91.4	%		89.1	%		526,431		85.79		7,029,237		1,625,483		8,654,720
	PGRE's share					92.0	%		89.6	%		473,431		83.50		6,481,447		81,437		6,562,884

(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	%		95.0	%		94.3	%	$	152,649	$	104.41		1,551,787		-		1,551,787	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		87.4	%		87.4	%		2,857		56.33		53,690		-		53,690	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		94.7	%		94.1	%		155,506		103.04		1,605,477		-		1,605,477
Market Center
	Office		67.0	%		85.2	%		84.0	%		55,876		90.28		737,576		-		737,576	Uber, Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James,
																					Bank of San Francisco
	Retail		67.0	%		65.8	%		65.8	%		611		109.47		6,387		-		6,387	Amazon
			67.0	%		85.1	%		83.9	%		56,487		90.40		743,963		-		743,963
300 Mission Street
	Office		31.1	%		80.8	%		80.8	%		44,857		92.01		604,306		-		604,306	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.8	%		88.8	%		2,862		63.28		50,528		-		50,528	Equinox
			31.1	%		81.4	%		81.4	%		47,719		89.67		654,834		-		654,834
One Front Street
	Office		100.0	%		97.0	%		95.8	%		55,132		90.70		634,898		-		634,898	First Republic, Coinbase, JLL, Cigna
	Retail		100.0	%		97.3	%		97.3	%		1,107		90.58		12,293		-		12,293	First Republic
			100.0	%		97.0	%		95.8	%		56,239		90.70		647,191		-		647,191
55 Second Street
	Office		44.1	%		85.0	%		81.8	%		24,624		81.73		369,436		-		369,436	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	%		85.3	%		82.2	%		25,542		82.47		376,916		-		376,916
111 Sutter Street
	Office		49.0	%		60.5	%		60.5	%		12,716		85.83		248,821		-		248,821	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,747		69.03		29,247		-		29,247	24 Hour Fitness
			49.0	%		63.3	%		63.3	%		14,463		83.38		278,068		-		278,068

	Subtotal / Weighted average					88.5	%		87.6	%		355,956		94.43		4,306,449		-		4,306,449
	PGRE's share					89.8	%		88.9	%		203,475		93.97		2,438,456		-		2,438,456

Total / Weighted average						90.3	%		88.5	%		882,387		89.13		11,335,686		1,625,483		12,961,169
PGRE's share						91.4	%		89.4	%		676,906		86.44		8,919,903		81,437		9,001,340

(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 June 30, 2022						As of March 31, 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	%		99.6	%		99.6	%		99.6	%		99.6	%		-	%
1301 Avenue of the Americas		100.0	%		88.1	%		88.1	%		84.3	%		84.3	%		3.8	%
1325 Avenue of the Americas		100.0	%		95.0	%		95.0	%		93.7	%		93.7	%		1.3	%
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	%		69.2	%		69.2	%		68.4	%		68.4	%		0.8	%
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%		100.0	%		-	%		-	%
Weighted average					91.4	%		91.4	%		92.0	%		90.2	%		1.2	%
PGRE's share					92.0	%		92.0	%		90.8	%		90.7	%		1.3	%

San Francisco:
One Market Plaza		49.0	%		94.7	%		94.7	%		95.1	%		95.1	%		(0.4	%)
Market Center		67.0	%		85.1	%		85.1	%		84.8	%		84.8	%		0.3	%
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	%		85.3	%		85.3	%		87.6	%		87.6	%		(2.3	%)
111 Sutter Street		49.0	%		63.3	%		63.3	%		64.2	%		64.2	%		(0.9	%)
Weighted average					88.5	%		88.5	%		88.9	%		88.9	%		(0.4	%)
PGRE's share					89.8	%		89.8	%		90.1	%		90.1	%		(0.3	%)

Weighted average					90.3	%		90.3	%		91.0	%		89.7	%		0.6	%
PGRE's share					91.4	%		91.4	%		90.6	%		90.5	%		0.9	%

(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 June 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	%		99.6	%		99.6	%		98.3	%		98.3	%		1.3	%
1301 Avenue of the Americas		100.0	%		88.1	%		88.1	%		84.3	%		84.3	%		3.8	%
1325 Avenue of the Americas		100.0	%		95.0	%		95.0	%		93.4	%		93.4	%		1.6	%
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	%		69.2	%		69.2	%		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					91.4	%		91.4	%		91.8	%		89.8	%		1.6	%
PGRE's share					92.0	%		92.0	%		90.4	%		90.3	%		1.7	%

San Francisco:
One Market Plaza		49.0	%		94.7	%		94.7	%		94.7	%		94.7	%		-	%
Market Center		67.0	%		85.1	%		85.1	%		84.2	%		84.2	%		0.9	%
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	%		85.3	%		85.3	%		96.3	%		96.3	%		(11.0	%)
111 Sutter Street		49.0	%		63.3	%		63.3	%		64.2	%		64.2	%		(0.9	%)
Weighted average					88.5	%		88.5	%		91.4	%		91.4	%		(2.9	%)
PGRE's share					89.8	%		89.8	%		91.6	%		91.6	%		(1.8	%)

Weighted average					90.3	%		90.3	%		91.6	%		90.4	%		(0.1	%)
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 June 30, 2022
	First Republic Bank		One Front Street	Various	(3)		459,882	(3)		459,882	(3)	$	42,103	$	91.36		6.2	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023	(4)		464,440	(4)		464,440	(4)		39,983		85.26		5.9	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,543			328,543			29,302		89.18		4.3	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			288,823			28,264		97.86		4.2	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	(5)		290,875	(5)		290,875	(5)		27,930		93.68		4.1	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			234,749			19,677		83.82		2.9	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			288,250			259,428			17,781		67.90		2.6	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			253,196			227,879			16,971		72.94		2.5	%
	Google, Inc.		One Market Plaza	Apr-2025			339,833			166,518			15,507		92.72		2.3	%
	Kasowitz, Benson & Torres LLP		1633 Broadway	Apr-2037			203,394			183,057			14,584		79.67		2.2	%

		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
		Occupied		Square Feet			Rent (1)		Annualized Rent
As of June 30, 2022
	Legal Services		1,686,735		21.1	%	$	148,148		21.8	%
	Financial Services - Commercial and Investment Banking		1,608,098		20.2	%		139,803		20.6	%
	Technology and Media		1,674,548		21.0	%		135,923		20.1	%
	Financial Services, all others		1,132,522		14.2	%		105,800		15.6	%
	Insurance		435,586		5.5	%		41,087		6.1	%
	Retail		147,378		1.8	%		16,877		2.5	%
	Travel and Leisure		206,198		2.6	%		13,886		2.1	%
	Other Professional Services		125,006		1.6	%		10,628		1.6	%
	Consumer Products		121,732		1.5	%		10,225		1.5	%
	Other		837,532		10.5	%		54,529		8.1	%

(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.

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

- 40 -


		LEASING ACTIVITY (1)

(unaudited)

	Total			New York			San Francisco

Three Months Ended June 30, 2022

Total square feet leased		250,231			152,970			97,261

PGRE's share of total square feet leased:		188,175			141,575			46,600
Initial rent (2)	$	78.28		$	69.48		$	105.02
Weighted average lease term (in years)		9.0			9.3			7.9
Tenant improvements and leasing commissions:
Per square foot	$	93.63		$	97.15		$	82.94
Per square foot per annum	$	10.43		$	10.43		$	10.44
Percentage of initial rent		13.3	%		15.0	%		9.9	%
Rent concessions:
Average free rent period (in months)		9.6			10.7			6.1
Average free rent period per annum (in months)		1.1			1.1			0.8

Second generation space: (2)
Square feet		96,052			63,280			32,772
Cash basis:
Initial rent (2)	$	81.80		$	66.63		$	111.07
Prior escalated rent (2)	$	86.37		$	73.71		$	110.82
Percentage (decrease) increase		(5.3	%)		(9.6	%)		0.2	%
GAAP basis:
Straight-line rent (2)	$	81.34		$	63.62		$	115.54
Prior straight-line rent (2)	$	80.96		$	69.96		$	102.20
Percentage increase (decrease)		0.5	%		(9.1	%)		13.1	%

(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

Six Months Ended June 30, 2022

Total square feet leased		453,051			328,494			124,557

PGRE's share of total square feet leased:		340,377			275,679			64,698
Initial rent (2)	$	73.54		$	66.50		$	103.53
Weighted average lease term (in years)		8.5			8.8			7.0
Tenant improvements and leasing commissions:
Per square foot	$	81.20		$	85.04		$	64.84
Per square foot per annum	$	9.59		$	9.66		$	9.24
Percentage of initial rent		13.0	%		14.5	%		8.9	%
Rent concessions:
Average free rent period (in months)		9.1			10.1			4.8
Average free rent period per annum (in months)		1.1			1.1			0.7

Second generation space: (2)
Square feet		237,321			189,405			47,916
Cash basis:
Initial rent (2)	$	72.43		$	63.37		$	108.25
Prior escalated rent (2)	$	74.27		$	66.20		$	106.15
Percentage (decrease) increase		(2.5	%)		(4.3	%)		2.0	%
GAAP basis:
Straight-line rent (2)	$	71.28		$	61.07		$	111.64
Prior straight-line rent (2)	$	71.31		$	65.06		$	96.02
Percentage (decrease) increase		(0.0	%)		(6.1	%)		16.3	%

(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		19,841		15,286	$	967	$	28.80		0.1	%

	3Q 2022		49,240		30,392		2,310		76.54		0.3	%
	4Q 2022		34,503		21,961		2,053		93.51		0.3	%
	Total 2022		83,743		52,353		4,363		83.77		0.6	%

	1Q 2023		385,591		367,396		31,169		85.44		4.5	%
	2Q 2023		127,029		107,320		8,392		78.12		1.2	%
	Remaining 2023		365,896		253,277		22,513		88.75		3.3	%
	Total 2023		878,516		727,993		62,074		85.51		9.0	%
	2024		811,285		709,330		61,161		86.33		8.9	%
	2025		1,401,066		884,174		77,375		87.45		11.2	%
	2026		1,445,953		1,012,166		88,824		85.54		12.9	%
	2027		291,635		214,919		19,100		88.83		2.8	%
	2028		264,135		215,954		17,928		83.21		2.6	%
	2029		573,248		494,030		40,231		81.90		5.8	%
	2030		614,746		518,265		46,162		89.11		6.7	%
	2031		597,334		529,940		50,962		92.79		7.4	%
	Thereafter		3,257,323		2,779,875		220,516		85.02		32.0	%

(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		10,159		9,651	$	644	$	24.92		0.1	%

	3Q 2022		8,530		4,979		439		85.36		0.1	%
	4Q 2022		22,318		13,797		1,284		93.10		0.3	%
	Total 2022		30,848		18,776		1,723		91.04		0.4	%

	1Q 2023		363,011		354,743		30,082		85.48		6.2	%
	2Q 2023		91,699		88,903		6,621		74.47		1.4	%
	Remaining 2023		48,848		42,303		3,266		76.40		0.7	%
	Total 2023		503,558		485,949		39,969		82.64		8.3	%
	2024		597,763		576,017		48,681		84.62		10.1	%
	2025		305,390		248,159		22,408		90.16		4.6	%
	2026		737,418		674,101		55,472		79.01		11.4	%
	2027		163,844		148,691		12,673		85.17		2.6	%
	2028		149,826		129,792		10,446		80.48		2.2	%
	2029		496,253		453,509		36,596		81.20		7.6	%
	2030		410,538		399,822		34,527		86.41		7.1	%
	2031		496,270		452,783		44,022		93.23		9.1	%
	Thereafter		2,524,767		2,366,184		176,957		81.06		36.5	%

(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		9,682		5,635	$	323	$	45.41		0.2	%

	3Q 2022		40,710		25,413		1,871		74.75		0.9	%
	4Q 2022		12,185		8,164		769		94.22		0.4	%
	Total 2022		52,895		33,577		2,640		79.58		1.3	%

	1Q 2023		22,580		12,653		1,087		84.37		0.5	%
	2Q 2023		35,330		18,417		1,771		95.73		0.9	%
	Remaining 2023		317,048		210,974		19,247		91.23		9.4	%
	Total 2023		374,958		242,044		22,105		91.21		10.8	%
	2024		213,522		133,313		12,480		93.73		6.1	%
	2025		1,095,676		636,015		54,967		86.40		26.6	%
	2026		708,535		338,065		33,352		98.42		16.2	%
	2027		127,791		66,228		6,427		97.04		3.1	%
	2028		114,309		86,162		7,482		87.34		3.6	%
	2029		76,995		40,521		3,635		89.70		1.8	%
	2030		204,208		118,443		11,635		98.24		5.7	%
	2031		101,064		77,157		6,940		90.20		3.4	%
	Thereafter		732,556		413,691		43,559		105.32		21.2	%

(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 June 30, 2022
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	11,281	$	9,724	$	1,503	$	54
Second generation tenant improvements		12,294		5,426		6,868		-
Second generation leasing commissions		4,064		3,455		609		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	27,639	$	18,605	$	8,980	$	54

Redevelopment Expenditures: (1)
Elevator modernizations	$	867	$	863	$	4	$	-
Lobby renovations		170		147		23		-
Other		44		-		44		-
Total Redevelopment Expenditures	$	1,081	$	1,010	$	71	$	-


	Three Months Ended June 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	4,825	$	3,184	$	1,616	$	25
Second generation tenant improvements		16,097		1,521		14,576		-
Second generation leasing commissions		4,738		2,606		2,132		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	25,660	$	7,311	$	18,324	$	25

Redevelopment Expenditures: (1)
Gershwin facade replacement	$	5,172	$	5,172	$	-	$	-
Lobby renovations		1,790		1,619		171		-
Elevator modernizations		4,460		2,036		2,424		-
Other		20		20		-		-
Total Redevelopment Expenditures	$	11,442	$	8,847	$	2,595	$	-

(1)	See page 48 for our definition of this measure.

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CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Six Months Ended June 30, 2022
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	20,781	$	17,711	$	3,011	$	59
Second generation tenant improvements		25,260		14,426		10,834		-
Second generation leasing commissions		5,155		4,546		609		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	51,196	$	36,683	$	14,454	$	59

Redevelopment Expenditures: (1)
Elevator modernizations	$	1,964	$	1,928	$	36	$	-
Lobby renovations		466		420		46		-
Other		3,467		3,379		88		-
Total Redevelopment Expenditures	$	5,897	$	5,727	$	170	$	-


	Six Months Ended June 30, 2021
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	6,940	$	4,384	$	2,520	$	36
Second generation tenant improvements		23,602		2,906		20,696		-
Second generation leasing commissions		5,474		3,129		2,345		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	36,016	$	10,419	$	25,561	$	36

Redevelopment Expenditures: (1)
Gershwin facade replacement	$	7,234	$	7,234	$	-	$	-
Lobby renovations		4,469		2,668		1,801		-
Elevator modernizations		8,661		5,645		3,016		-
Other		382		259		123		-
Total Redevelopment Expenditures	$	20,746	$	15,806	$	4,940	$	-

(1)	See page 48 for our definition of this measure.

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		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.

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		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.

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