# EDGAR Filing Document

**Accession Number:** 0001605607
**File Stem:** 0000950170-23-002911
**Filing Date:** 2023-2
**Character Count:** 172261
**Document Hash:** f2cbc90c7374b2381d59f149da1a23e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-002911.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0000950170-23-002911

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paramount Group, Inc.
- **CENTRAL INDEX KEY:** 0001605607
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 320439307
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36746
- **FILM NUMBER:** 23635907

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY, SUITE 1801
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-237-3100

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY, SUITE 1801
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version="1.0" encoding="ASCII"? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported):** February 15, 2023

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Paramount Group, Inc.

**(Exact Name of Registrant as Specified in Charter)**

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| | | | |
|:---|:---|:---|:---|
| Maryland | 001-36746 | 32-0439307 | 32-0439307 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** | **(IRS Employer**<br>**Identification No.)** |
| 1633 Broadway**,** Suite 1801<br>New York**,** New York | 1633 Broadway**,** Suite 1801<br>New York**,** New York | 1633 Broadway**,** Suite 1801<br>New York**,** New York | 10019 |
| **(Address of Principal Executive offices)** | **(Address of Principal Executive offices)** | **(Address of Principal Executive offices)** | **(Zip Code)** |

---

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

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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:**

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| | | |
|:---|:---|:---|
| **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 |

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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. ☐

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**<u>Item 2.02</u> <u>Results of Operations and Financial Condition.</u>** 

On February 15, 2023, Paramount Group, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2022. A copy of that press release as well as the supplemental information referred to in the press release are available on the Company's website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached Exhibits 99.1 and 99.2 are being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

The Company will host a conference call and audio webcast on Thursday, February 16, 2023 at 10:00 a.m. Eastern Time (ET), during which management will discuss the fourth 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 2:00 p.m. ET on February 16, 2023 through February 23, 2023 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13735166.

A live audio webcast of the conference call will be available through the "Investors" section of the Company's website, <u>www.pgre.com</u>. A replay of the webcast will be archived on the Company's website.

**<u>Item 9.01</u> <u>Financial Statements and Exhibits.</u>** 

(d) Exhibits:

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| | |
|:---|:---|
| Exhibit<br>Number | Description |
| 99.1 | [<u>Press release dated February 15, 2023 and entitled "Paramount Announces Fourth Quarter 2022 Results"</u>](pgre-ex99_1.htm) |
| 99.2 | [<u>Supplemental information entitled "Paramount Group, Inc. Supplemental Operating and Financial Data for the Quarter Ended December 31, 2022"</u>](pgre-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**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.

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| | | |
|:---|:---|:---|
|  | **PARAMOUNT GROUP, INC.** | **PARAMOUNT GROUP, INC.** |
| Date: February 15, 2023 | &nbsp;&nbsp;&nbsp;&nbsp; By: | /s/ Wilbur Paes |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Name: | Wilbur Paes |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Title | Chief Operating Officer, Chief Financial Officer and Treasurer  |

---

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## Ex-99

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| | |
|:---|:---|
| &nbsp;&nbsp;![img171336891_0.jpg](img171336891_0.jpg)  | &nbsp;&nbsp;**Exhibit 99.1** |

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**Paramount Announces Fourth Quarter 2022 Results**

– Completes $65 million of share repurchases in 2022 –

– Initiates Guidance for Full Year 2023 –

**NEW YORK – February 15, 2023 –** Paramount Group, Inc. (NYSE: PGRE) ("Paramount" or the "Company") filed its Annual Report on Form 10-K for the year ended December 31, 2022 today and reported results for the fourth quarter ended December 31, 2022.

**Fourth Quarter Highlights:** 

<u>Results of Operations:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported net loss attributable to common stockholders of $37.9 million, or $0.17 per diluted share, for the quarter ended December 31, 2022, compared to net income attributable to common stockholders of $1.2 million, or $0.01 per diluted share, for the quarter ended December 31, 2021. Net loss attributable to common stockholders for the quarter ended December 31, 2022 includes $29.6 million for our share of a real estate impairment loss of an unconsolidated joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported Core Funds from Operations ("Core FFO") attributable to common stockholders of $54.4 million, or $0.25 per diluted share, for the quarter ended December 31, 2022, compared to $52.8 million, or $0.24 per diluted share, for the quarter ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported a 2.6% decrease in Same Store Cash Net Operating Income ("NOI") and a 3.8% increase in Same Store NOI in the quarter ended December 31, 2022, compared to the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leased 205,530 square feet, of which the Company's share was 131,742 square feet that was leased at a weighted average initial rent of $77.66 per square foot. Of the 205,530 square feet leased, 116,142 square feet represented the Company's share of second generation space, for which mark-to-markets were negative 0.7% on a cash basis and positive 2.3% on a GAAP basis.

<u>Capital Markets Activity:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased 10,370,610 common shares at a weighted average price of $6.27 per share, or $65.0 million in the aggregate in the year ended December 31, 2022, of which 7,133,218 shares were repurchased in the fourth quarter, at a weighted average price of $6.12 per share, or $43.7 million in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Declared a fourth quarter cash dividend of $0.0775 per common share on December 15, 2022, which was paid on January 13, 2023.

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![img171336891_1.jpg](img171336891_1.jpg)

**Financial Results**

<u>Quarter Ended December 31, 2022</u>

Net loss attributable to common stockholders was $37.9 million, or $0.17 per diluted share, for the quarter ended December 31, 2022, compared to net income attributable to common stockholders of $1.2 million, or $0.01 per diluted share, for the quarter ended December 31, 2021. Net loss attributable to common stockholders for the quarter ended December 31, 2022 includes $29.6 million for our share of a real estate impairment loss of an unconsolidated joint venture.

Funds from Operations ("FFO") attributable to common stockholders was $48.5 million, or $0.22 per diluted share, for the quarter ended December 31, 2022, compared to $53.4 million, or $0.24 per diluted share, for the quarter ended December 31, 2021. FFO attributable to common stockholders for the quarters ended December 31, 2022 and 2021 includes the impact of certain non-core items, which are listed in the table on page 9. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the quarter ended December 31, 2022 by $5.9 million, or $0.03 per diluted share and increased FFO attributable to common stockholders for the quarter ended December 31, 2021 by $0.6 million, or $0.00 per diluted share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $54.4 million, or $0.25 per diluted share, for the quarter ended December 31, 2022, compared to $52.8 million, or $0.24 per diluted share, for the quarter ended December 31, 2021.

<u>Year Ended December 31, 2022</u>

Net loss attributable to common stockholders was $36.4 million, or $0.16 per diluted share, for the year ended December 31, 2022, compared to $20.4 million, or $0.09 per diluted share, for the year ended December 31, 2021. Net loss attributable to common stockholders for the year ended December 31, 2022 includes $29.6 million for our share of a real estate impairment loss of an unconsolidated joint venture. Net loss attributable to common stockholders for the year ended December 31, 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 $210.1 million, or $0.95 per diluted share, for the year ended December 31, 2022, compared to $192.5 million, or $0.88 per diluted share, for the year ended December 31, 2021. FFO attributable to common stockholders for the year ended December 31, 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 years ended December 31, 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 years ended December 31, 2022 and 2021 by $6.7 million and $8.6 million, respectively, or $0.03 and $0.04 per diluted share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $216.8 million, or $0.98 per diluted share, for the year ended December 31, 2022, compared to $201.1 million, or $0.92 per diluted share, for the year ended December 31, 2021.

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![img171336891_1.jpg](img171336891_1.jpg)

**Portfolio Operations**

<u>Quarter Ended December 31, 2022</u>

Same Store Cash NOI decreased by $2.5 million, or 2.6%, to $96.6 million for the quarter ended December 31, 2022 from $99.1 million for the quarter ended December 31, 2021. Same Store NOI increased by $3.7 million, or 3.8%, to $101.2 million for the quarter ended December 31, 2022 from $97.5 million for the quarter ended December 31, 2021.

During the quarter ended December 31, 2022, the Company leased 205,530 square feet, of which the Company's share was 131,742 square feet that was leased at a weighted average initial rent of $77.66 per square foot. This leasing activity, offset by lease expirations in the quarter, decreased leased occupancy and same store leased occupancy (properties owned by the Company in a similar manner during both reporting periods) by 10 basis points to 91.3% at December 31, 2022 from 91.4% at September 30, 2022. Of the 205,530 square feet leased, 116,142 square feet represented the Company's share of second generation space (space leased that (i) has been vacant for less than twelve months or (ii) has been pre-leased prior to expiration) for which mark-to-markets were negative 0.7% on a cash basis and positive 2.3% on a GAAP basis. The weighted average lease term for leases signed during the fourth quarter was 3.8 years and weighted average tenant improvements and leasing commissions on these leases were $10.81 per square foot per annum, or 13.9% of initial rent.

<u>Year Ended December 31, 2022</u>

Same Store Cash NOI increased by $6.5 million, or 1.7%, to $386.1 million for the year ended December 31, 2022 from $379.6 million for the year ended December 31, 2021. Same Store NOI increased by $15.7 million, or 4.0%, to $402.4 million for the year ended December 31, 2022 from $386.7 million for the year ended December 31, 2021.

During the year ended December 31, 2022, the Company leased 947,135 square feet, of which the Company's share was 688,041 square feet that was leased at a weighted average initial rent of $77.22 per square foot. This leasing activity, partially offset by lease expirations during the year, increased leased occupancy by 60 basis points to 91.3% at December 31, 2022 from 90.7% at December 31, 2021. Same store leased occupancy increased by 70 basis points to 91.3% at December 31, 2022 from 90.6% at December 31, 2021. Of the 947,135 square feet leased, 557,641 square feet represented the Company's share of second generation space for which mark-to-markets were negative 5.4% on a cash basis and positive 1.5% on a GAAP basis. The weighted average lease term for leases signed during the year was 8.8 years and weighted average tenant improvements and leasing commissions on these leases were $10.72 per square foot per annum, or 13.9% of initial rent.

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![img171336891_1.jpg](img171336891_1.jpg)

**Guidance**

The Company is providing its Estimated Core FFO Guidance for the full year of 2023, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between $0.13 and $0.07 per diluted share. The estimated net loss 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.

The Company estimates that 2023 Core FFO will be between $0.88 and $0.94 per diluted share. The estimated Core FFO of $0.91 per diluted share, at the midpoint of the Company's guidance for 2023, when compared to actual Core FFO of $0.98 per diluted share for 2022, assumes among other items, decreases and increases in the Company's share of the following components: (i) a decrease in Same Store Cash NOI of 5.5% to 3.5%, or $0.08 per diluted share (resulting primarily from two of the Company's largest tenants' leases expiring during 2023), (ii) a decrease in lease termination income of $0.01 per diluted share, and (iii) an increase in interest and debt expense of $0.05 per diluted share, partially offset by, (iv) an increase in non-cash straight-line rent and amortization of above and below-market lease revenue, net of $0.04 per diluted share and (v) a $0.03 per diluted share benefit due to a lower number of weighted average common shares and units outstanding in 2023, resulting from the 10.4 million common shares that were repurchased during 2022.

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| | | |
|:---|:---|:---|
|  | **Full Year 2023** | **Full Year 2023** |
| (Amounts per diluted share) | **Low** | **High** |
| Estimated net loss attributable to common stockholders | $(0.13) | $(0.07) |
| Pro rata share of real estate depreciation and amortization, including<br> the Company's share of unconsolidated joint ventures | 1.01 | 1.01 |
| Estimated Core FFO | $0.88 | $0.94 |

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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 related 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 or any future pandemic, endemic or outbreak of infectious disease 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.

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![img171336891_1.jpg](img171336891_1.jpg)

**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 and adjustments, realized and unrealized gains or losses on real estate related 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 December 31, 2022, which is available on our website.

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![img171336891_1.jpg](img171336891_1.jpg)

**Investor Conference Call and Webcast**

The Company will host a conference call and audio webcast on Thursday, February 16, 2023 at 10:00 a.m. Eastern Time (ET), during which management will discuss the fourth 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 2:00 p.m. ET on February 16, 2023 through February 23, 2023 and can be accessed by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13735166.

A live audio webcast of the conference call will be available through the "Investors" section of the Company's website, <u>www.pgre.com</u>. A replay of the webcast will be archived on the Company's website.

**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 PaesChief Operating Officer, Chief Financial Officer and Treasurer212-237-3122ir@pgre.com Tom HennessyVice President, Investor Relations andBusiness Development212-237-3138ir@pgre.com

**Media:**

212-492-2285

pr@pgre.com

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![img171336891_1.jpg](img171336891_1.jpg)

**Paramount Group, Inc.**

**Consolidated Balance Sheets**

(Unaudited and in thousands)

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| | | |
|:---|:---|:---|
| **Assets:** | **December 31, 2022** | **December 31, 2021** |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;Land | $1966237 | $1966237 |
| &nbsp;&nbsp;Buildings and improvements | 6177540 | 6061824 |
|  | 8143777 | 8028061 |
| &nbsp;&nbsp;Accumulated depreciation and amortization | (1297553) | (1112977) |
| Real estate, net | 6846224 | 6915084 |
| Cash and cash equivalents | 408905 | 524900 |
| Restricted cash | 40912 | 4766 |
| Accounts and other receivables | 23866 | 15582 |
| Real estate related fund investments | 105369 | - |
| Investments in unconsolidated real estate related funds | 3411 | 11421 |
| Investments in unconsolidated joint ventures | 393503 | 408096 |
| Deferred rent receivable | 346338 | 332735 |
| Deferred charges, net | 120685 | 122177 |
| Intangible assets, net | 90381 | 119413 |
| Other assets | 73660 | 40388 |
| **Total assets** | $**8453254** | $**8494562** |
| **Liabilities:** |  |  |
| Notes and mortgages payable, net | $3840318 | $3835620 |
| Revolving credit facility | - | - |
| Accounts payable and accrued expenses | 123176 | 116192 |
| Dividends and distributions payable | 18026 | 16895 |
| Intangible liabilities, net | 36193 | 45328 |
| Other liabilities | 24775 | 25495 |
| **Total liabilities** | **4042488** | **4039530** |
| **Equity:** |  |  |
| Paramount Group, Inc. equity | 3592291 | 3588163 |
| Noncontrolling interests in: |  |  |
| &nbsp;&nbsp;Consolidated joint ventures | 402118 | 428833 |
| &nbsp;&nbsp;Consolidated real estate related funds | 173375 | 81925 |
| &nbsp;&nbsp;Operating Partnership | 242982 | 356111 |
| **Total equity** | **4410766** | **4455032** |
| **Total liabilities and equity** | $**8453254** | $**8494562** |

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![img171336891_1.jpg](img171336891_1.jpg)

**Paramount Group, Inc.**

**Consolidated Statements of Income**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenues:** |  |  |  |  |
| Rental revenue | $176404 | $171793 | $702819 | $690418 |
| Fee and other income | 7624 | 12427 | 37558 | 36368 |
| Total revenues | 184028 | 184220 | 740377 | 726786 |
| **Expenses:** |  |  |  |  |
| Operating | 70102 | 67617 | 277422 | 265438 |
| Depreciation and amortization | 61211 | 56735 | 232517 | 232487 |
| General and administrative | 13986 | 13093 | 59487 | 59132 |
| Transaction related costs | 89 | 413 | 470 | 916 |
| Total expenses | 145388 | 137858 | 569896 | 557973 |
| **Other income (expense):** |  |  |  |  |
| Loss from real estate related fund investments | (2233) | - | (2233) | - |
| (Loss) income from unconsolidated real estate |  |  |  |  |
| related funds | (1864) | 178 | (1239) | 782 |
| Loss from unconsolidated joint ventures | (37925) | (4086) | (53251) | (24896) |
| Interest and other income, net | 2567 | 507 | 5174 | 3017 |
| Interest and debt expense | (37060) | (36095) | (143864) | (142014) |
| **(Loss) income before income taxes** | **(37875)** | **6866** | **(24932)** | **5702** |
| Income tax expense | (1706) | (1195) | (3265) | (3643) |
| **Net (loss) income** | **(39581)** | **5671** | **(28197)** | **2059** |
| Less net (income) loss attributable to noncontrolling<br> interests in: |  |  |  |  |
| Consolidated joint ventures | (1598) | (4614) | (13981) | (21538) |
| Consolidated real estate related funds | 665 | 286 | 3342 | (2893) |
| Operating Partnership | 2637 | (121) | 2433 | 2018 |
| **Net (loss) income attributable to common stockholders** | $**(37877)** | $**1222** | $**(36403)** | $**(20354)** |
| **Per Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $(0.17) | $0.01 | $(0.16) | $(0.09) |
| &nbsp;&nbsp;Diluted | $(0.17) | $0.01 | $(0.16) | $(0.09) |
| **Weighted average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 218583895 | 218735532 | 221309938 | 218701249 |
| &nbsp;&nbsp;Diluted | 218583895 | 218797844 | 221309938 | 218701249 |

---

------

![img171336891_1.jpg](img171336891_1.jpg)

**Paramount Group, Inc.**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Reconciliation of Net (Loss) Income to FFO and Core FFO:** |  |  |  |  |
| **Net (loss) income** | $**(39581)** | $**5671** | $**(28197)** | $**2059** |
| Real estate depreciation and amortization (including our |  |  |  |  |
| share of unconsolidated joint ventures) | 70720 | 66902 | 271789 | 274024 |
| Our share of a real estate impairment loss of an |  |  |  |  |
| unconsolidated joint venture | 31685 | - | 31685 | - |
| FFO | 62824 | 72573 | 275277 | 276083 |
| Less FFO attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (11565) | (14187) | (51433) | (61609) |
| Consolidated real estate related funds | 659 | 279 | 3318 | (2904) |
| FFO attributable to Paramount Group Operating Partnership | 51918 | 58665 | 227162 | 211570 |
| Less FFO attributable to noncontrolling interests in |  |  |  |  |
| Operating Partnership | (3380) | (5302) | (17063) | (19072) |
| FFO attributable to common stockholders | $48538 | $53363 | $210099 | $192498 |
| Per diluted share | $0.22 | $0.24 | $0.95 | $0.88 |
| FFO | $62824 | $72573 | $275277 | $276083 |
| Non-core items: |  |  |  |  |
| Realized and unrealized losses (gains) from unconsolidated <br>&nbsp;&nbsp;&nbsp;&nbsp;real estate related funds | 2851 | (37) | 2890 | (108) |
| Loss recognized upon consolidation of real estate related <br>&nbsp;&nbsp;&nbsp;&nbsp;fund investments that were previously unconsolidated | 2627 | - | 2627 | - |
| FFO attributable to One Steuart Lane, including after-tax |  |  |  |  |
| net gain on sale of residential condominium units | 1387 | 391 | 4670 | (2876) |
| Adjustment to equity in earnings for contributions to |  |  |  |  |
| (distributions from) unconsolidated joint ventures | 561 | (961) | 855 | 8016 |
| Non-cash write-off of deferred financing costs | - | - | - | 761 |
| Other, net | 89 | 413 | 470 | 916 |
| Core FFO | 70339 | 72379 | 286789 | 282792 |
| Less Core FFO attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (11565) | (14187) | (51433) | (61609) |
| Consolidated real estate related funds | (625) | (140) | (1006) | (205) |
| Core FFO attributable to Paramount Group Operating |  |  |  |  |
| Partnership | 58149 | 58052 | 234350 | 220978 |
| Less Core FFO attributable to noncontrolling interests in |  |  |  |  |
| Operating Partnership | (3785) | (5246) | (17526) | (19923) |
| **Core FFO attributable to common stockholders** | $**54364** | $**52806** | $**216824** | $**201055** |
| **Per diluted share** | $**0.25** | $**0.24** | $**0.98** | $**0.92** |
| **Reconciliation of weighted average shares outstanding:** |  |  |  |  |
| Weighted average shares outstanding | 218583895 | 218735532 | 221309938 | 218701249 |
| Effect of dilutive securities | 59378 | 62312 | 31487 | 45709 |
| Denominator for FFO and Core FFO per diluted share | 218643273 | 218797844 | 221341425 | 218746958 |

---

------

![img171336891_1.jpg](img171336891_1.jpg)

**Paramount Group, Inc.**

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

(Unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Reconciliation of Net (Loss) Income to Same Store NOI <br> and Same Store Cash NOI:** |  |  |  |  |
| **Net (loss) income** | $**(39581)** | $**5671** | $**(28197)** | $**2059** |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |
| Depreciation and amortization | 61211 | 56735 | 232517 | 232487 |
| General and administrative | 13986 | 13093 | 59487 | 59132 |
| Interest and debt expense | 37060 | 36095 | 143864 | 142014 |
| Income tax expense | 1706 | 1195 | 3265 | 3643 |
| Loss from real estate related fund investments | 2233 | - | 2233 | - |
| NOI from unconsolidated joint ventures (excluding <br> One Steuart Lane) | 10782 | 11087 | 45141 | 43597 |
| Loss from unconsolidated joint ventures | 37925 | 4086 | 53251 | 24896 |
| Fee income | (5327) | (9041) | (28421) | (28473) |
| Interest and other income, net | (2567) | (507) | (5174) | (3017) |
| Other, net | 1953 | 235 | 1709 | 134 |
| NOI | 119381 | 118649 | 479675 | 476472 |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (19247) | (22123) | (82587) | (92890) |
| Consolidated real estate related funds | - | - | - | 206 |
| PGRE's share of NOI | 100134 | 96526 | 397088 | 383788 |
| Acquisitions / Redevelopment | (87) | (688) | (453) | (1612) |
| Lease termination income | - | - | (1875) | (1745) |
| Other, net | 1156 | 1625 | 7626 | 6311 |
| **PGRE's share of Same Store NOI** | $**101203** | $**97463** | $**402386** | $**386742** |
| NOI | $119381 | $118649 | $479675 | $476472 |
| Less: |  |  |  |  |
| Straight-line rent adjustments (including our share<br> of unconsolidated joint ventures) | (5746) | 4817 | (14034) | (4983) |
| Amortization of above and below-market leases, net<br> (including our share of unconsolidated joint ventures) | (1984) | (1617) | (5099) | (6704) |
| Cash NOI | 111651 | 121849 | 460542 | 464785 |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (16147) | (23518) | (77341) | (87831) |
| Consolidated real estate related funds | - | - | - | 206 |
| PGRE's share of Cash NOI | 95504 | 98331 | 383201 | 377160 |
| Acquisitions / Redevelopment | (100) | (856) | (496) | (2004) |
| Lease termination income | - | - | (1875) | (1745) |
| Other, net | 1148 | 1635 | 5253 | 6142 |
| **PGRE's share of Same Store Cash NOI** | $**96552** | $**99110** | $**386083** | $**379553** |

---

------

## Ex-99

**Exhibit 99.2**![img172260412_0.jpg](img172260412_0.jpg)

------

---

| | |
|:---|:---|
| ![img172260412_1.jpg](img172260412_1.jpg)  | **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 or any future pandemic, endemic or outbreak of infectious disease 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.<br>

------

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| | |
|:---|:---|
| ![img172260412_2.jpg](img172260412_2.jpg)  | **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
|  | **Page** |
| [**Company Profile**](#company_profile) | 4 |
| [**Research Coverage**](#research_coverage) | 5 |
| **Selected Financial Information** |  |
| [Guidance](#guidance) | 6 |
| [Financial Highlights](#financial_highlights) | 7 |
| [Consolidated Balance Sheets](#consolidated_balance_sheets) | 8 |
| [Consolidated Statements of Income](#consolidated_statements_of_income) | 9 |
| [Select Income Statement Data](#select_income_statement_data) | 10 |
| [Funds From Operations ("FFO")](#ffo) | 11 |
| [Funds Available for Distribution ("FAD")](#fad) | 12 |
| [Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")](#ebitdare) | 13 |
| [Net Operating Income ("NOI")](#noi) | 14 - 16 |
| [Same Store Results](#same_store_results) | 17 - 20 |
| [Consolidated Joint Ventures and Fund](#consolidated_joint_ventures_and_fund) | 21 - 26 |
| [Unconsolidated Joint Ventures](#unconsolidated_joint_ventures) | 27 - 32 |
| [Capital Structure](#capital_structure) | 33 |
| [Debt Analysis](#debt_analysis) | 34 |
| [Debt Maturities](#debt_maturities) | 35 |
| **Selected Property Data** |  |
| [Portfolio Summary](#portfolio_summary) | 36 - 37 |
| [Same Store Leased Occupancy](#same_store_leased_occupancy) | 38 - 39 |
| [Top Tenants and Industry Diversification](#top_tenants_and_industry_diversification) | 40 |
| [Leasing Activity](#leasing_activity) | 41 - 42 |
| [Lease Expirations](#lease_expirations) | 43 - 45 |
| [Cash Basis Capital Expenditures](#cash_basis_capital_expenditures) | 46 - 47 |
| [**Definitions**](#definitions) | 48 - 49 |

---

------

---

| | |
|:---|:---|
| ![img172260412_3.jpg](img172260412_3.jpg)  | **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.<br>

**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** |
| &nbsp;&nbsp;1633 Broadway, Suite 1801 | &nbsp;&nbsp;IR@pgre.com | &nbsp;&nbsp;New York Stock Exchange | &nbsp;&nbsp;PGRE |
| &nbsp;&nbsp;New York, NY 10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 492-2298 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 237-3100 |  |  |  |

---

------

---

| | |
|:---|:---|
| ![img172260412_4.jpg](img172260412_4.jpg)  | **RESEARCH COVERAGE (1)** |

---

---

| | | |
|:---|:---|:---|
| Jeffrey Spector | <u>Thomas Catherwood</u> | <u>Derek Johnston</u> |
| **Bank of America Merrill Lynch** | **BTIG** | **Deutsche Bank** |
| (646) 855-1363 | (212) 738-6140 | (904) 520-4973 |
| jeff.spector@bofa.com | tcatherwood@btig.com | <u>derek.johnston@db.com</u> |
| <u>Steve Sakwa</u> | <u>Dylan Burzinski</u> | <u>Vikram Malhotra</u> |
| **Evercore ISI** | **Green Street Advisors** | **Mizuho Securities USA Inc.** |
| (212) 446-9462 | (949) 640-8780 | (212) 282-3827 |
| <u>steve.sakwa@evercoreisi.com</u> | dburzinski@greenstreet.com | vikram.malhotra@mizuhogroup.com |
| <u>Ronald Kamdem</u> | <u>Blaine Heck</u> | <u>Andrew Rosivach</u> |
| **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 |

---

------

<sup>(1)</sup> 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.

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| | |
|:---|:---|
| ![img172260412_5.jpg](img172260412_5.jpg)  | **GUIDANCE** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Full Year 2023** | **Full Year 2023** |
| **(Amounts per diluted share)** | **Low** | **High** |
| Estimated net loss attributable to common stockholders | $(0.13) | $(0.07) |
| Our share of real estate depreciation and amortization | 1.01 | 1.01 |
| Estimated Core FFO (1)(2) | $0.88 | $0.94 |
| **Operating Assumptions:** |  |  |
| Leasing Activity (square feet) | 600000 | 900000 |
| PGRE's share of Same Store Leased % (2) at year end | 90.8% | 91.8% |
| Decrease in PGRE's share of Same Store Cash NOI (2) | (5.5%) | (3.5%) |
| Decrease in PGRE's share of Same Store NOI (2) | (3.5%) | (1.5%) |
| **Financial Assumptions (at share):** |  |  |
| Estimated net loss | $(31000) | $(17000) |
| Depreciation and amortization | 235000 | 235000 |
| General and administrative expenses | 61000 | 59000 |
| Interest and debt expense, including amortization of deferred financing costs | 147500 | 144500 |
| Fee income, net of income taxes | (30500) | (31500) |
| NOI (2) | 382000 | 390000 |
| Straight-line rent adjustments and above and below-market lease revenue, net | (22500) | (24500) |
| Cash NOI (2) | $359500 | $365500 |

---

------

<sup>(1)</sup> We are providing our Estimated Core FFO Guidance for the full year of 2023, which is reconciled above to estimated net loss 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 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 February 15, 2023 and otherwise to be referenced during our conference call scheduled for February 16, 2023. 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 related 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.

<sup>(2)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_6.jpg](img172260412_6.jpg)  | **FINANCIAL HIGHLIGHTS** |

---

(unaudited and in thousands, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **SELECTED FINANCIAL DATA** | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| Net (loss) income attributable to common stockholders | $(37877) | $1222 | $(1537) | $(36403) | $(20354) |
| Per share - basic and diluted | $(0.17) | $0.01 | $(0.01) | $(0.16) | $(0.09) |
| Core FFO attributable to common stockholders (1) | $54364 | $52806 | $54249 | $216824 | $201055 |
| Per share - diluted | $0.25 | $0.24 | $0.24 | $0.98 | $0.92 |
| PGRE's share of Cash NOI (1) | $95504 | $98331 | $95963 | $383201 | $377160 |
| PGRE's share of NOI (1) | $100134 | $96526 | $99488 | $397088 | $383788 |

---

---

| | | | |
|:---|:---|:---|:---|
| Same Store Cash NOI (1) | % Change | Same Store NOI (1) | % Change |
| Three Months Ended December 31, 2022 vs. December 31, 2021 | (2.6%) | Three Months Ended December 31, 2022 vs. December 31, 2021 | 3.8% |
| Year Ended December 31, 2022 vs. December 31, 2021 | 1.7% | Year Ended December 31, 2022 vs. December 31, 2021 | 4.0% |

---

**PORTFOLIO STATISTICS (at PGRE Share)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **December 31, 2022** | **September 30, 2022** | **June 30, 2022** | **March 31, 2022** | **December 31, 2021** |
| Leased % (1) | 91.3% | 91.4% | 91.4% | 90.6% | 90.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| Same Store Leased % (1) | % Change | Same Store Leased % (1) | % Change |
| &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 vs. September 30, 2022 | (0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 vs. December 31, 2021 | 0.7% |

---

**COMMON SHARE DATA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Share Price:** | **December 31, 2022** | **September 30, 2022** | **June 30, 2022** | **March 31, 2022** | **December 31, 2021** |
| High | $6.86 | $7.95 | $11.04 | $11.54 | $9.53 |
| Low | $5.48 | $6.00 | $7.08 | $8.22 | $7.79 |
| Closing (end of period) | $5.94 | $6.23 | $7.23 | $10.91 | $8.34 |
| Dividends per common share | $0.0775 | $0.0775 | $0.0775 | $0.0775 | $0.07 |
| Annualized dividends per common share | $0.31 | $0.31 | $0.31 | $0.31 | $0.28 |
| Dividend yield (on closing share price) | 5.2% | 5.0% | 4.3% | 2.8% | 3.4% |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_6.jpg](img172260412_6.jpg)  | **CONSOLIDATED BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets:** |  |  |
| Real estate, at cost: |  |  |
| Land | $1966237 | $1966237 |
| Buildings and improvements | 6177540 | 6061824 |
|  | 8143777 | 8028061 |
| Accumulated depreciation and amortization | (1297553) | (1112977) |
| Real estate, net | 6846224 | 6915084 |
| Cash and cash equivalents | 408905 | 524900 |
| Restricted cash | 40912 | 4766 |
| Accounts and other receivables | 23866 | 15582 |
| Real estate related fund investments | 105369 | - |
| Investments in unconsolidated real estate related funds | 3411 | 11421 |
| Investments in unconsolidated joint ventures | 393503 | 408096 |
| Deferred rent receivable | 346338 | 332735 |
| Deferred charges, net | 120685 | 122177 |
| Intangible assets, net | 90381 | 119413 |
| Other assets | 73660 | 40388 |
| **Total assets** | $**8453254** | $**8494562** |
| **Liabilities:** |  |  |
| Notes and mortgages payable, net | $3840318 | $3835620 |
| Revolving credit facility | - | - |
| Accounts payable and accrued expenses | 123176 | 116192 |
| Dividends and distributions payable | 18026 | 16895 |
| Intangible liabilities, net | 36193 | 45328 |
| Other liabilities | 24775 | 25495 |
| **Total liabilities** | 4042488 | 4039530 |
| **Equity:** |  |  |
| Paramount Group, Inc. equity | 3592291 | 3588163 |
| Noncontrolling interests in: |  |  |
| Consolidated joint ventures | 402118 | 428833 |
| Consolidated real estate related funds | 173375 | 81925 |
| Operating Partnership | 242982 | 356111 |
| **Total equity** | 4410766 | 4455032 |
| **Total liabilities and equity** | $**8453254** | $**8494562** |

---

------

---

| | |
|:---|:---|
| ![img172260412_7.jpg](img172260412_7.jpg)  | **CONSOLIDATED STATEMENTS OF INCOME** |

---

(unaudited and in thousands, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Revenues:** |  |  |  |  |  |
| Rental revenue (1) | $176404 | $171793 | $179250 | $702819 | $690418 |
| Fee and other income (1) | 7624 | 12427 | 7897 | 37558 | 36368 |
| **Total revenues** | **184028** | **184220** | **187147** | **740377** | **726786** |
| **Expenses:** |  |  |  |  |  |
| Operating | 70102 | 67617 | 72845 | 277422 | 265438 |
| Depreciation and amortization | 61211 | 56735 | 58284 | 232517 | 232487 |
| General and administrative | 13986 | 13093 | 13150 | 59487 | 59132 |
| Transaction related costs | 89 | 413 | 105 | 470 | 916 |
| **Total expenses** | **145388** | **137858** | **144384** | **569896** | **557973** |
| **Other income (expense):** |  |  |  |  |  |
| Loss from real estate related fund investments | (2233) | - | - | (2233) | - |
| (Loss) income from unconsolidated real estate related funds | (1864) | 178 | 300 | (1239) | 782 |
| Loss from unconsolidated joint ventures | (37925) | (4086) | (5797) | (53251) | (24896) |
| Interest and other income, net (1) | 2567 | 507 | 1580 | 5174 | 3017 |
| Interest and debt expense (1) | (37060) | (36095) | (36949) | (143864) | (142014) |
| **(Loss) income before income taxes** | **(37875)** | **6866** | **1897** | **(24932)** | **5702** |
| Income tax expense | (1706) | (1195) | (673) | (3265) | (3643) |
| **Net (loss) income** | **(39581)** | **5671** | **1224** | **(28197)** | **2059** |
| Less net (income) loss attributable to noncontrolling<br> interests in: |  |  |  |  |  |
| Consolidated joint ventures | (1598) | (4614) | (4179) | (13981) | (21538) |
| Consolidated real estate related funds | 665 | 286 | 1309 | 3342 | (2893) |
| Operating Partnership | 2637 | (121) | 109 | 2433 | 2018 |
| **Net (loss) income attributable to common stockholders** | $**(37877)** | $**1222** | $**(1537)** | $**(36403)** | $**(20354)** |
| **Per diluted share** | $**(0.17)** | $**0.01** | $**(0.01)** | $**(0.16)** | $**(0.09)** |

---

------

<sup>(1)</sup> See page 10 for details.

------

---

| | |
|:---|:---|
| ![img172260412_8.jpg](img172260412_8.jpg)  | **SELECT INCOME STATEMENT DATA** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Rental Revenue:** | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| Property rentals | $159029 | $162622 | $159549 | $634019 | $632215 |
| Tenant reimbursements | 10422 | 13866 | 15978 | 51394 | 47562 |
| Straight-line rent adjustments | 5794 | (5430) | 3807 | 13602 | 2495 |
| Amortization of above and below-market leases, net | 1159 | 735 | (84) | 1748 | 3070 |
| Lease termination income | - | - | - | 2056 | 5076 |
| **Total rental revenue** | $**176404** | $**171793** | $**179250** | $**702819** | $**690418** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Fee and Other Income:** | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| Asset management | $3132 | $3109 | $3166 | $12270 | $13284 |
| Property management | 1810 | 2132 | 1849 | 7981 | 8589 |
| Acquisition, disposition, leasing and other | 385 | 3800 | 117 | 8170 | 6600 |
| Total fee income | 5327 | 9041 | 5132 | 28421 | 28473 |
| Other (primarily parking income and tenant requested services, |  |  |  |  |  |
| including cleaning and overtime heating and cooling) | 2297 | 3386 | 2765 | 9137 | 7895 |
| **Total fee and other income** | $**7624** | $**12427** | $**7897** | $**37558** | $**36368** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| **Interest and Other Income, net:** | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| Interest income, net | $2567 | $175 | $1580 | $5174 | $1183 |
| Mark-to-market of deferred compensation plan assets (offset by |  |  |  |  |  |
| increase in the mark-to-market of plan liabilities, which is |  |  |  |  |  |
| included in "general and administrative" expenses) (1) | - | 332 | - | - | 1834 |
| **Total interest and other income, net** | $**2567** | $**507** | $**1580** | $**5174** | $**3017** |

---

------

<sup>(1)</sup> In December 2021, the deferred compensation plan was terminated and the net proceeds were distributed to the plan participants.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |  |
| **Interest and Debt Expense:** | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |  |
| Interest expense | $35518 | $34274 | $35412 | $137708 | $132887 |  |
| Amortization of deferred financing costs | 1542 | 1821 | 1537 | 6156 | 9127 | (1) |
| **Total interest and debt expense** | $**37060** | $**36095** | $**36949** | $**143864** | $**142014** |  |

---

------

<sup>(1)</sup> Includes $761 of expense from the non-cash write-off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.

------

---

| | |
|:---|:---|
| ![img172260412_9.jpg](img172260412_9.jpg)  | **FFO** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Reconciliation of net (loss) income to FFO and Core FFO:** |  |  |  |  |  |
| **Net (loss) income** | $**(39581)** | $**5671** | $**1224** | $**(28197)** | $**2059** |
| Real estate depreciation and amortization (including our share of |  |  |  |  |  |
| unconsolidated joint ventures) | 70720 | 66902 | 68009 | 271789 | 274024 |
| Our share of a real estate impairment loss of an unconsolidated joint venture | 31685 | - | - | 31685 | - |
| FFO (1) | 62824 | 72573 | 69233 | 275277 | 276083 |
| Less FFO attributable to noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | (11565) | (14187) | (13408) | (51433) | (61609) |
| Consolidated real estate related funds | 659 | 279 | 1304 | 3318 | (2904) |
| FFO attributable to Paramount Group Operating Partnership | 51918 | 58665 | 57129 | 227162 | 211570 |
| Less FFO attributable to noncontrolling interests in Operating Partnership | (3380) | (5302) | (3763) | (17063) | (19072) |
| **FFO attributable to common stockholders (1)** | $**48538** | $**53363** | $**53366** | $**210099** | $**192498** |
| **Per diluted share** | $**0.22** | $**0.24** | $**0.24** | $**0.95** | $**0.88** |
| FFO | $62824 | $72573 | $69233 | $275277 | $276083 |
| Non-core items: |  |  |  |  |  |
| Realized and unrealized losses (gains) from unconsolidated real estate <br>&nbsp;&nbsp;&nbsp;&nbsp;related funds | 2851 | (37) | 21 | 2890 | (108) |
| Loss recognized upon consolidation of real estate related fund investments<br>&nbsp;&nbsp;&nbsp;&nbsp;that were previously unconsolidated | 2627 | - | - | 2627 | - |
| FFO attributable to One Steuart Lane, including after-tax net gain on <br>&nbsp;&nbsp;&nbsp;&nbsp;sale of residential condominium units | 1387 | 391 | 1509 | 4670 | (2876) |
| Adjustments to equity in earnings for contributions to (distributions from)<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures | 561 | (961) | 709 | 855 | 8016 |
| Non-cash write-off of deferred financing costs | - | - | - | - | 761 |
| Other, net | 89 | 413 | 105 | 470 | 916 |
| Core FFO (1) | 70339 | 72379 | 71577 | 286789 | 282792 |
| Less Core FFO attributable to noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | (11565) | (14187) | (13408) | (51433) | (61609) |
| Consolidated real estate related funds | (625) | (140) | (94) | (1006) | (205) |
| Core FFO attributable to Paramount Group Operating Partnership | 58149 | 58052 | 58075 | 234350 | 220978 |
| Less Core FFO attributable to noncontrolling interests in <br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (3785) | (5246) | (3826) | (17526) | (19923) |
| **Core FFO attributable to common stockholders (1)** | $**54364** | $**52806** | $**54249** | $**216824** | $**201055** |
| **Per diluted share** | $**0.25** | $**0.24** | $**0.24** | $**0.98** | $**0.92** |
| **Reconciliation of weighted average shares outstanding:** |  |  |  |  |  |
| Weighted average shares outstanding | 218583895 | 218735532 | 224864791 | 221309938 | 218701249 |
| Effect of dilutive securities | 59378 | 62312 | 28555 | 31487 | 45709 |
| Denominator for FFO and Core FFO per diluted share | 218643273 | 218797844 | 224893346 | 221341425 | 218746958 |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_10.jpg](img172260412_10.jpg)  | **FAD** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |  |
|  | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |  |
| **Reconciliation of Core FFO to FAD:** |  |  |  |  |  |  |
| Core FFO | $70339 | $72379 | $71577 | $286789 | $282792 |  |
| Add (subtract) adjustments (including our share of<br> unconsolidated joint ventures) to arrive at FAD: |  |  |  |  |  |  |
| Straight-line rent adjustments | (5746) | 4817 | (3969) | (14034) | (4983) |  |
| Amortization of above and below-market leases, net | (1984) | (1617) | (790) | (5099) | (6704) |  |
| Amortization of deferred financing costs | 1919 | 2255 | 1909 | 7712 | 9838 | (1) |
| Amortization of stock-based compensation expense | 4150 | 4191 | 4149 | 19003 | 18612 |  |
| Expenditures to maintain assets | (18835) | (20089) | (11834) | (54962) | (43019) |  |
| Second generation tenant improvements |  |  |  |  |  |  |
| and leasing commissions | (40213) | (20185) | (12428) | (83406) | (65533) |  |
| FAD (2) | 9630 | 41751 | 48614 | 156003 | 191003 |  |
| Less FAD attributable to noncontrolling interests in: |  |  |  |  |  |  |
| Consolidated joint ventures | 81 | (11002) | (8391) | (27412) | (33991) |  |
| Consolidated real estate related funds | (683) | (242) | (152) | (1283) | (373) |  |
| FAD attributable to Paramount Group Operating Partnership | 9028 | 30507 | 40071 | 127308 | 156639 |  |
| Less FAD attributable to noncontrolling interests in <br> Operating Partnership | (588) | (2757) | (2640) | (9874) | (14111) |  |
| **FAD attributable to common stockholders (2) (3)** | $**8440** | $**27750** | $**37431** | $**117434** | $**142528** |  |
| **Dividends declared on common stock** | $**16827** | $**15329** | $**17269** | $**68561** | $**61310** |  |

---

------

<sup>(1)</sup> Excludes $761 of expense from the non-cash write-off of deferred financing costs in connection with the $860,000 refinancing of 1301 Avenue of the Americas in July 2021.

<sup>(2)</sup> See page 48 for our definition of this measure.

<sup>(3)</sup> 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.

------

---

| | |
|:---|:---|
| ![img172260412_11.jpg](img172260412_11.jpg)  | **EBITDAre** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Reconciliation of net (loss) income to EBITDAre and<br> Adjusted EBITDAre:** |  |  |  |  |  |
| **Net (loss) income** | $**(39581)** | $**5671** | $**1224** | $**(28197)** | $**2059** |
| Add (subtract) adjustments (including our share of <br> unconsolidated joint ventures) to arrive at EBITDAre<br> and Adjusted EBITDAre: |  |  |  |  |  |
| Depreciation and amortization | 70720 | 66902 | 68009 | 271789 | 274024 |
| Interest and debt expense | 43831 | 43112 | 43516 | 170141 | 166533 |
| Our share of a real estate impairment loss of an<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint venture | 31685 | - | - | 31685 | - |
| Income tax expense | 1707 | 1195 | 674 | 3287 | 3658 |
| EBITDAre (1) | 108362 | 116880 | 113423 | 448705 | 446274 |
| Less EBITDAre attributable to noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | (19520) | (22139) | (21362) | (83049) | (92950) |
| Consolidated real estate related funds | (185) | (1125) | 346 | (352) | (5439) |
| **PGRE's share of EBITDAre (1)** | $**88657** | $**93616** | $**92407** | $**365304** | $**347885** |
| EBITDAre | $108362 | $116880 | $113423 | $448705 | $446274 |
| Add (subtract) adjustments to arrive at Adjusted EBITDAre: | Add (subtract) adjustments to arrive at Adjusted EBITDAre: | Add (subtract) adjustments to arrive at Adjusted EBITDAre: | Add (subtract) adjustments to arrive at Adjusted EBITDAre: | Add (subtract) adjustments to arrive at Adjusted EBITDAre: | Add (subtract) adjustments to arrive at Adjusted EBITDAre: |
| Adjustments to equity in earnings for contributions to<br> (distributions from) an unconsolidated joint venture | 561 | (961) | 709 | 855 | 8016 |
| EBITDAre attributable to One Steuart Lane, including<br> net gain on sale of residential condominium units | 475 | (2479) | 475 | 708 | (8222) |
| Loss recognized upon consolidation of real estate related <br> fund investments that were previously unconsolidated | 2627 | - | - | 2627 | - |
| Other, net | 1386 | 1542 | (305) | 817 | 2495 |
| Adjusted EBITDAre (1) | 113411 | 114982 | 114302 | 453712 | 448563 |
| Less Adjusted EBITDAre attributable to noncontrolling interests in: | Less Adjusted EBITDAre attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (19520) | (22139) | (21362) | (83049) | (92950) |
| **PGRE's share of Adjusted EBITDAre (1)** | $**93891** | $**92843** | $**92940** | $**370663** | $**355613** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_12.jpg](img172260412_12.jpg)  | **NOI** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** | **September 30, 2022** | **December 31, 2022** | **December 31, 2021** |
| **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** |
| **Net (loss) income** | $**(39581)** | $**5671** | $**1224** | $**(28197)** | $**2059** |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: | Add (subtract) adjustments to arrive at NOI and Cash NOI: | Add (subtract) adjustments to arrive at NOI and Cash NOI: | Add (subtract) adjustments to arrive at NOI and Cash NOI: | Add (subtract) adjustments to arrive at NOI and Cash NOI: | Add (subtract) adjustments to arrive at NOI and Cash NOI: |
| Depreciation and amortization | 61211 | 56735 | 58284 | 232517 | 232487 |
| General and administrative | 13986 | 13093 | 13150 | 59487 | 59132 |
| Interest and debt expense | 37060 | 36095 | 36949 | 143864 | 142014 |
| Income tax expense | 1706 | 1195 | 673 | 3265 | 3643 |
| Loss from real estate related fund investments | 2233 | - | - | 2233 | - |
| NOI from unconsolidated joint ventures (excluding <br>&nbsp;&nbsp;&nbsp;&nbsp;One Steuart Lane) | 10782 | 11087 | 11540 | 45141 | 43597 |
| Loss from unconsolidated joint ventures | 37925 | 4086 | 5797 | 53251 | 24896 |
| Fee income | (5327) | (9041) | (5132) | (28421) | (28473) |
| Interest and other income, net | (2567) | (507) | (1580) | (5174) | (3017) |
| Other, net | 1953 | 235 | (195) | 1709 | 134 |
| NOI (1) | 119381 | 118649 | 120710 | 479675 | 476472 |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | (19247) | (22123) | (21222) | (82587) | (92890) |
| Consolidated real estate related funds | - | - | - | - | 206 |
| **PGRE's share of NOI (1)** | $**100134** | $**96526** | $**99488** | $**397088** | $**383788** |
| NOI | $119381 | $118649 | $120710 | $479675 | $476472 |
| Less: |  |  |  |  |  |
| Straight-line rent adjustments (including our share of |  |  |  |  |  |
| unconsolidated joint ventures) | (5746) | 4817 | (3969) | (14034) | (4983) |
| Amortization of above and below-market leases, net |  |  |  |  |  |
| (including our share of unconsolidated joint ventures) | (1984) | (1617) | (790) | (5099) | (6704) |
| Cash NOI (1) | 111651 | 121849 | 115951 | 460542 | 464785 |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | (16147) | (23518) | (19988) | (77341) | (87831) |
| Consolidated real estate related funds | - | - | - | - | 206 |
| **PGRE's share of Cash NOI (1)** | $**95504** | $**98331** | $**95963** | $**383201** | $**377160** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_12.jpg](img172260412_12.jpg)  | **NOI** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Reconciliation of net (loss) income to NOI and Cash NOI:** |  |  |  |  |
| **Net (loss) income** | $**(39581)** | $**5193** | $**(27454)** | $**(17320)** |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |
| Depreciation and amortization | 61211 | 40597 | 19408 | 1206 |
| General and administrative | 13986 | - | - | 13986 |
| Interest and debt expense | 37060 | 23499 | 12796 | 765 |
| Income tax expense | 1706 | 6 | - | 1700 |
| Loss from real estate related fund investments | 2233 | - | - | 2233 |
| NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 10782 | 3355 | 7434 | (7) |
| Loss from unconsolidated joint ventures | 37925 | 102 | 36374 | 1449 |
| Fee income | (5327) | - | - | (5327) |
| Interest and other income, net | (2567) | (430) | (389) | (1748) |
| Other, net | 1953 | - | - | 1953 |
| NOI (1) | 119381 | 72322 | 48169 | (1110) |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (19247) | (2576) | (16671) | - |
| **PGRE's share of NOI for the three months ended December 31, 2022** | $**100134** | $**69746** | $**31498** | $**(1110)** |
| **PGRE's share of NOI for the three months ended December 31, 2021** | $**96526** | $**64235** | $**33948** | $**(1657)** |
| NOI | $119381 | $72322 | $48169 | $(1110) |
| Add (subtract) adjustments to arrive at Cash NOI: |  |  |  |  |
| Straight-line rent adjustments (including our share of |  |  |  |  |
| unconsolidated joint ventures) | (5746) | (900) | (4816) | (30) |
| Amortization of above and below-market leases, net (including |  |  |  |  |
| our share of unconsolidated joint ventures) | (1984) | 319 | (2303) | - |
| Cash NOI (1) | 111651 | 71741 | 41050 | (1140) |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (16147) | (2743) | (13404) | - |
| **PGRE's share of Cash NOI for the three months ended December 31, 2022** | $**95504** | $**68998** | $**27646** | $**(1140)** |
| **PGRE's share of Cash NOI for the three months ended December 31, 2021** | $**98331** | $**66053** | $**33965** | $**(1687)** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_12.jpg](img172260412_12.jpg)  | **NOI** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** |  |  |  |
| **Net (loss) income** | $**(28197)** | $**23925** | $**251** | $**(52373)** |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |
| Depreciation and amortization | 232517 | 156036 | 72190 | 4291 |
| General and administrative | 59487 | - | - | 59487 |
| Interest and debt expense | 143864 | 89964 | 50850 | 3050 |
| Income tax expense | 3265 | 13 | 4 | 3248 |
| Loss from real estate related fund investments | 2233 | - | - | 2233 |
| NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 45141 | 13257 | 31596 | 288 |
| Loss from unconsolidated joint ventures | 53251 | 98 | 48538 | 4615 |
| Fee income | (28421) | - | - | (28421) |
| Interest and other income, net | (5174) | (712) | (669) | (3793) |
| Other, net | 1709 | - | - | 1709 |
| NOI (1) | 479675 | 282581 | 202760 | (5666) |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (82587) | (10384) | (72203) | - |
| **PGRE's share of NOI for the year ended December 31, 2022** | $**397088** | $**272197** | $**130557** | $**(5666)** |
| **PGRE's share of NOI for the year ended December 31, 2021** | $**383788** | $**252495** | $**137942** | $**(6649)** |
| NOI | $479675 | $282581 | $202760 | $(5666) |
| Add (subtract) adjustments to arrive at Cash NOI: |  |  |  |  |
| Straight-line rent adjustments (including our share of |  |  |  |  |
| unconsolidated joint ventures) | (14034) | (17) | (14017) | - |
| Amortization of above and below-market leases, net (including |  |  |  |  |
| our share of unconsolidated joint ventures) | (5099) | 1916 | (7015) | - |
| Cash NOI (1) | 460542 | 284480 | 181728 | (5666) |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |
| Consolidated joint ventures | (77341) | (11202) | (66139) | - |
| **PGRE's share of Cash NOI for the year ended December 31, 2022** | $**383201** | $**273278** | $**115589** | $**(5666)** |
| **PGRE's share of Cash NOI for the year ended December 31, 2021** | $**377160** | $**255654** | $**128155** | $**(6649)** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg)  | **SAME STORE RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE CASH NOI (1)** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the three months ended December 31, 2022 | $95504 | $68998 | $27646 | $(1140) |
| Acquisitions / Redevelopment (2) (3) | (100) | (100) | - | - |
| Other, net | 1148 | - | 8 | 1140 |
| **PGRE's share of Same Store Cash NOI for the three months ended** |  |  |  |  |
| **December 31, 2022** | $**96552** | $**68898** | $**27654** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the three months ended December 31, 2021 | $98331 | $66053 | $33965 | $(1687) |
| Acquisitions / Redevelopment (3) | (856) | (856) | - | - |
| Other, net | 1635 | (51) | (1) | 1687 |
| **PGRE's share of Same Store Cash NOI for the three months ended** |  |  |  |  |
| **December 31, 2021** | $**99110** | $**65146** | $**33964** | $**-** |
| **(Decrease) increase in PGRE's share of Same Store Cash NOI** | $**(2558)** | $**3752** | $**(6310)** | $**-** |
| **% (Decrease) increase** | **(2.6**<br>**%)** | **5.8%** | **(18.6**<br>**%)** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> 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.

<sup>(3)</sup> Represents our share of Cash NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg)  | **SAME STORE RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE NOI (1)** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the three months ended December 31, 2022 | $100134 | $69746 | $31498 | $(1110) |
| Acquisitions / Redevelopment (2) (3) | (87) | (87) | - | - |
| Other, net | 1156 | - | 46 | 1110 |
| **PGRE's share of Same Store NOI for the three months ended** |  |  |  |  |
| **December 31, 2022** | $**101203** | $**69659** | $**31544** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the three months ended December 31, 2021 | $96526 | $64235 | $33948 | $(1657) |
| Acquisitions / Redevelopment (3) | (688) | (688) | - | - |
| Other, net | 1625 | (31) | (1) | 1657 |
| **PGRE's share of Same Store NOI for the three months ended** |  |  |  |  |
| **December 31, 2021** | $**97463** | $**63516** | $**33947** | $**-** |
| **Increase (decrease) in PGRE's share of Same Store NOI** | $**3740** | $**6143** | $**(2403)** | $**-** |
| **% Increase (decrease)** | **3.8%** | **9.7%** | **(7.1**<br>**%)** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Represents our share of NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

<sup>(3)</sup> Represents our share of NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg)  | **SAME STORE RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE CASH NOI (1)** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the year ended December 31, 2022 | $383201 | $273278 | $115589 | $(5666) |
| Acquisitions / Redevelopment (2) (3) | (496) | (496) | - | - |
| Lease termination income | (1875) | (1875) | - | - |
| Other, net | 5253 | (200) | (213) | 5666 |
| **PGRE's share of Same Store Cash NOI for the year ended** |  |  |  |  |
| **December 31, 2022** | $**386083** | $**270707** | $**115376** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the year ended December 31, 2021 | $377160 | $255654 | $128155 | $(6649) |
| Acquisitions / Redevelopment (3) | (2004) | (2004) | - | - |
| Lease termination income | (1745) | (161) | (1584) | - |
| Other, net | 6142 | (296) | (211) | 6649 |
| **PGRE's share of Same Store Cash NOI for the year ended** |  |  |  |  |
| **December 31, 2021** | $**379553** | $**253193** | $**126360** | $**-** |
| **Increase (decrease) in PGRE's share of Same Store Cash NOI** | $**6530** | $**17514** | $**(10984)** | $**-** |
| **% Increase (decrease)** | **1.7%** | **6.9%** | **(8.7**<br>**%)** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> 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.

<sup>(3)</sup> Represents our share of Cash NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg)  | **SAME STORE RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE NOI (1)** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the year ended December 31, 2022 | $397088 | $272197 | $130557 | $(5666) |
| Acquisitions / Redevelopment (2) (3) | (453) | (453) | - | - |
| Lease termination income | (1875) | (1875) | - | - |
| Other, net | 7626 | 2135 | (175) | 5666 |
| **PGRE's share of Same Store NOI for the year ended** |  |  |  |  |
| **December 31, 2022** | $**402386** | $**272004** | $**130382** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the year ended December 31, 2021 | $383788 | $252495 | $137942 | $(6649) |
| Acquisitions / Redevelopment (3) | (1612) | (1612) | - | - |
| Lease termination income | (1745) | (161) | (1584) | - |
| Other, net | 6311 | (134) | (204) | 6649 |
| **PGRE's share of Same Store NOI for the year ended** |  |  |  |  |
| **December 31, 2021** | $**386742** | $**250588** | $**136154** | $**-** |
| **Increase (decrease) in PGRE's share of Same Store NOI** | $**15644** | $**21416** | $**(5772)** | $**-** |
| **% Increase (decrease)** | **4.0%** | **8.5%** | **(4.2**<br>**%)** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Represents our share of NOI attributable to 1600 Broadway for the months in which it was not owned by us in both reporting periods.

<sup>(3)</sup> Represents our share of NOI attributable to 60 Wall Street which was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Funds** | **Consolidated Funds** | **Consolidated Funds** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Total Consolidated** |  | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Funds** | **Fund X (1)** | **Development Fund** |
| **PGRE Ownership** |  | **90.0%** | **49.0%** | **31.1%** |  | **13.0%** | **7.4%** |
| **Assets:** |  |  |  |  |  |  |  |
| Real estate, net | $3364482 | $1718436 | $1167906 | $478140 | $- | $- | $- |
| Cash and cash equivalents | 139579 | 60556 | 41396 | 37627 | 3551 | 199 | 3352 |
| Restricted cash | 1316 | 78 | 1238 | - | - | - | - |
| Accounts and other receivables | 9997 | 8340 | 984 | 673 | 3650 | - | 3650 |
| Real estate related fund investments | - | - | - | - | 105369 | 105369 | - |
| Investments in unconsolidated <br> joint ventures | - | - | - | - | 77961 | - | 77961 |
| Deferred rent receivable | 197658 | 105880 | 67377 | 24401 | - | - | - |
| Deferred charges, net | 49485 | 24696 | 17255 | 7534 | - | - | - |
| Intangible assets, net | 50553 | 41197 | 8175 | 1181 | - | - | - |
| Other assets | 6228 | 655 | 5105 | 468 | 3632 | 201 | 3431 |
| **Total Assets** | $**3819298** | $**1959838** | $**1309436** | $**550024** | $**194163** | $**105769** | $**88394** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $2489902 | $1243112 | $973790 | $273000 | $- | $- | $- |
| Accounts payable and accrued <br> expenses | 61407 | 19682 | 33297 | 8428 | 85 | 34 | 51 |
| Intangible liabilities, net | 21936 | 13949 | 7491 | 496 | - | - | - |
| Other liabilities | 5803 | 1185 | 4563 | 55 | 248 | 14 | 234 |
| **Total Liabilities** | **2579048** | **1277928** | **1019141** | **281979** | **333** | **48** | **285** |
| **Equity:** |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity | 838132 | 613203 | 142315 | 82614 | 20455 | 13766 | 6689 |
| Noncontrolling interests | 402118 | 68707 | 147980 | 185431 | 173375 | 91955 | 81420 |
| **Total Equity** | **1240250** | **681910** | **290295** | **268045** | **193830** | **105721** | **88109** |
| **Total Liabilities and Equity** | $**3819298** | $**1959838** | $**1309436** | $**550024** | $**194163** | $**105769** | $**88394** |

---

------

<sup>(1)</sup> Prior to December 12, 2022, we owned an 8.2% interest in Paramount Group Real Estate Fund X, LP ("Fund X"), which was accounted for under the equity method of accounting. On December 12, 2022, we increased our ownership in Fund X to 13.0%, which required us to consolidate our investment in Fund X into our consolidated financial statements.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Fund** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Development Fund** |
| **PGRE Ownership** |  | **90.0%** | **49.0%** | **31.1%** | **7.4%** |
| **Assets:** |  |  |  |  |  |
| Real estate, net | $3415735 | $1760664 | $1165807 | $489264 | $- |
| Cash and cash equivalents | 193905 | 91514 | 63566 | 38825 | 2933 |
| Restricted cash | 1316 | 78 | 1238 | - | - |
| Accounts and other receivables | 6677 | 5306 | 516 | 855 | 124 |
| Investments in unconsolidated joint ventures | - | - | - | - | 76428 |
| Deferred rent receivable | 197794 | 114558 | 60405 | 22831 | - |
| Deferred charges, net | 53013 | 27004 | 17463 | 8546 | - |
| Intangible assets, net | 62380 | 48834 | 11001 | 2545 | - |
| Other assets | 6092 | 644 | 5054 | 394 | 9459 |
| **Total Assets** | $**3936912** | $**2048602** | $**1325050** | $**563260** | $**88944** |
| **Liabilities:** |  |  |  |  |  |
| Notes and mortgages payable, net | $2487871 | $1242117 | $972754 | $273000 | $- |
| Accounts payable and accrued expenses | 54675 | 21782 | 23775 | 9118 | 63 |
| Intangible liabilities, net | 27674 | 16006 | 10994 | 674 | - |
| Other liabilities | 6427 | 1994 | 4430 | 3 | - |
| **Total Liabilities** | **2576647** | **1281899** | **1011953** | **282795** | **63** |
| **Equity:** |  |  |  |  |  |
| Paramount Group, Inc. equity | 931432 | 691275 | 153487 | 86670 | 6956 |
| Noncontrolling interests | 428833 | 75428 | 159610 | 193795 | 81925 |
| **Total Equity** | **1360265** | **766703** | **313097** | **280465** | **88881** |
| **Total Liabilities and Equity** | $**3936912** | $**2048602** | $**1325050** | $**563260** | $**88944** |

---

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Funds** | **Consolidated Funds** | **Consolidated Funds** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Total Consolidated** |  | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Funds** | **Fund X (1)** | **Development Fund** |
| Total revenues | $93584 | $48314 | $33306 | $11964 | $- | $- | $- |
| Total operating expenses | 32264 | 18310 | 10019 | 3935 | - | - | - |
| Net operating income (2) | 61320 | 30004 | 23287 | 8029 | - | - | - |
| Depreciation and amortization | (29518) | (14140) | (11411) | (3967) | - | - | - |
| Income from real estate related fund investments | - | - | - | - | 483 | 483 | - |
| Loss from unconsolidated joint ventures | - | - | - | - | (1393) | - | (1393) |
| Interest and other income, net | 817 | 428 | 216 | 173 | 84 | - | 84 |
| Interest and debt expense | (22604) | (9808) | (10304) | (2492) | - | - | - |
| Income (loss) before income taxes | 10015 | 6484 | 1788 | 1743 | (826) | 483 | (1309) |
| Income tax expense | (6) | (6) | - | - | - | - | - |
| **Net income (loss)** | $**10009** | $**6478** | $**1788** | $**1743** | $**(826)** | $**483** | $**(1309)** |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** | **Total** | **13.0%** | **7.4%** |
| **Net income (loss)** | $**7234** | $**5827** | $**869** | $**538** | $**(161)** | $**63** | $**(224)** |
| Add: Management fee income | 1177 | 429 | 179 | 569 | - | - | - |
| PGRE's share of net income (loss) | 8411 | 6256 | 1048 | 1107 | (161) | 63 | (224) |
| Add: Real estate depreciation and amortization | 19551 | 12726 | 5591 | 1234 | - | - | - |
| FFO (2) | 27962 | 18982 | 6639 | 2341 | (161) | 63 | (224) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 103 | - | 103 |
| **Core FFO (2)** | $**27962** | $**18982** | $**6639** | $**2341** | $**(58)** | $**63** | $**(121)** |
| **Noncontrolling interests' share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** | **Total** | **87.0%** | **92.6%** |
| **Net income (loss)** | $**2775** | $**651** | $**919** | $**1205** | $**(665)** | $**420** | $**(1085)** |
| Less: Management fee expense | (1177) | (429) | (179) | (569) | - | - | - |
| Net income (loss) attributable to <br> noncontrolling interests | 1598 | 222 | 740 | 636 | (665) | 420 | (1085) |
| Add: Real estate depreciation and amortization | 9967 | 1414 | 5820 | 2733 | 6 | - | 6 |
| FFO (2) | 11565 | 1636 | 6560 | 3369 | (659) | 420 | (1079) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 1284 | - | 1284 |
| **Core FFO (2)** | $**11565** | $**1636** | $**6560** | $**3369** | $**625** | $**420** | $**205** |

---

------

<sup>(1)</sup> Represents the results of operations from the date of consolidation through December 31, 2022.

<sup>(2)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Fund** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Development Fund** |
| Total revenues | $98523 | $49620 | $35517 | $13386 | $- |
| Total operating expenses | 30948 | 18282 | 8820 | 3846 | - |
| Net operating income (1) | 67575 | 31338 | 26697 | 9540 | - |
| Depreciation and amortization | (28467) | (14028) | (9951) | (4488) | - |
| Loss from unconsolidated joint ventures | - | - | - | - | (460) |
| Interest and other income (loss), net | 28 | (3) | 28 | 3 | 108 |
| Interest and debt expense | (22603) | (9808) | (10304) | (2491) | - |
| **Net income (loss)** | $**16533** | $**7499** | $**6470** | $**2564** | $**(352)** |
| **PGRE's share** |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** | **7.4%** |
| **Net income (loss)** | $**10708** | $**6742** | $**3170** | $**796** | $**(66)** |
| Add: Management fee income | 1211 | 429 | 208 | 574 | - |
| PGRE's share of net income (loss) | 11919 | 7171 | 3378 | 1370 | (66) |
| Add: Real estate depreciation and amortization | 18894 | 12623 | 4877 | 1394 | - |
| FFO (1) | 30813 | 19794 | 8255 | 2764 | (66) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 34 |
| **Core FFO (1)** | $**30813** | $**19794** | $**8255** | $**2764** | $**(32)** |
| **Noncontrolling interests' share** |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** | **92.6%** |
| **Net income (loss)** | $**5825** | $**757** | $**3300** | $**1768** | $**(286)** |
| Less: Management fee expense | (1211) | (429) | (208) | (574) | - |
| Net income (loss) attributable to noncontrolling interests | 4614 | 328 | 3092 | 1194 | (286) |
| Add: Real estate depreciation and amortization | 9573 | 1405 | 5074 | 3094 | 7 |
| FFO (1) | 14187 | 1733 | 8166 | 4288 | (279) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 419 |
| **Core FFO (1)** | $**14187** | $**1733** | $**8166** | $**4288** | $**140** |

---

------

<sup>(1)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Funds** | **Consolidated Funds** | **Consolidated Funds** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Total Consolidated** |  | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Funds** | **Fund X (1)** | **Development Fund** |
| Total revenues | $386858 | $195660 | $143275 | $47923 | $- | $- | $- |
| Total operating expenses | 130362 | 74926 | 40673 | 14763 | - | - | - |
| Net operating income (2) | 256496 | 120734 | 102602 | 33160 | - | - | - |
| Depreciation and amortization | (113329) | (56701) | (40441) | (16187) | - | - | - |
| Income from real estate related fund investments | - | - | - | - | 483 | 483 | - |
| Loss from unconsolidated joint ventures | - | - | - | - | (4696) | - | (4696) |
| Interest and other income, net | 1380 | 711 | 395 | 274 | 409 | - | 409 |
| Interest and debt expense | (89770) | (38920) | (40885) | (9965) | - | - | - |
| Income (loss) before income taxes | 54777 | 25824 | 21671 | 7282 | (3804) | 483 | (4287) |
| Income tax expense | (17) | (13) | (2) | (2) | (2) | - | (2) |
| **Net income (loss)** | $**54760** | $**25811** | $**21669** | $**7280** | $**(3806)** | $**483** | $**(4289)** |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** | **Total** | **13.0%** | **7.4%** |
| **Net income (loss)** | $**36094** | $**23228** | $**10611** | $**2255** | $**(464)** | $**63** | $**(527)** |
| Add: Management fee income | 4685 | 1694 | 743 | 2248 | - | - | - |
| PGRE's share of net income (loss) | 40779 | 24922 | 11354 | 4503 | (464) | 63 | (527) |
| Add: Real estate depreciation and amortization | 75877 | 51031 | 19815 | 5031 | 2 | - | 2 |
| FFO (2) | 116656 | 75953 | 31169 | 9534 | (462) | 63 | (525) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 346 | - | 346 |
| **Core FFO (2)** | $**116656** | $**75953** | $**31169** | $**9534** | $**(116)** | $**63** | $**(179)** |
| **Noncontrolling interests' share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** | **Total** | **87.0%** | **92.6%** |
| **Net income (loss)** | $**18666** | $**2583** | $**11058** | $**5025** | $**(3342)** | $**420** | $**(3762)** |
| Less: Management fee expense | (4685) | (1694) | (743) | (2248) | - | - | - |
| Net income (loss) attributable to <br> noncontrolling interests | 13981 | 889 | 10315 | 2777 | (3342) | 420 | (3762) |
| Add: Real estate depreciation and amortization | 37452 | 5670 | 20626 | 11156 | 24 | - | 24 |
| FFO (2) | 51433 | 6559 | 30941 | 13933 | (3318) | 420 | (3738) |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | 4324 | - | 4324 |
| **Core FFO (2)** | $**51433** | $**6559** | $**30941** | $**13933** | $**1006** | $**420** | $**586** |

---

------

<sup>(1)</sup> Represents the results of operations from the date of consolidation through December 31, 2022.

<sup>(2)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CONSOLIDATED JOINT VENTURES AND FUND - OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Joint Ventures** | **Consolidated Fund** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** | **Residential** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** | **Development Fund** |
| Total revenues | $394977 | $191740 | $144202 | $59035 | $- |
| Total operating expenses | 122615 | 70949 | 37085 | 14581 | - |
| Net operating income (1) | 272362 | 120791 | 107117 | 44454 | - |
| Depreciation and amortization | (116922) | (56233) | (41161) | (19528) | - |
| Income from unconsolidated joint ventures | - | - | - | - | 2678 |
| Interest and other income (loss), net | 96 | (23) | 112 | 7 | 435 |
| Interest and debt expense | (89405) | (38957) | (40885) | (9563) | - |
| Income before income taxes | 66131 | 25578 | 25183 | 15370 | 3113 |
| Income tax expense | (14) | (12) | (2) | - | (2) |
| **Net income** | $**66117** | $**25566** | $**25181** | $**15370** | $**3111** |
| **PGRE's share** |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** | **7.4%** |
| **Net income** | $**40117** | $**23012** | $**12333** | $**4772** | $**218** |
| Add: Management fee income | 4462 | 1679 | 790 | 1993 | - |
| PGRE's share of net income | 44579 | 24691 | 13123 | 6765 | 218 |
| Add: Real estate depreciation and amortization | 76851 | 50610 | 20169 | 6072 | - |
| FFO (1) | 121430 | 75301 | 33292 | 12837 | 218 |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | (215) |
| **Core FFO (1)** | $**121430** | $**75301** | $**33292** | $**12837** | $**3** |
| **Noncontrolling interests' share** |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** | **92.6%** |
| **Net income** | $**26000** | $**2554** | $**12848** | $**10598** | $**2893** |
| Less: Management fee expense | (4462) | (1679) | (790) | (1993) | - |
| Net income attributable to noncontrolling interests | 21538 | 875 | 12058 | 8605 | 2893 |
| Add: Real estate depreciation and amortization | 40071 | 5623 | 20992 | 13456 | 11 |
| FFO (1) | 61609 | 6498 | 33050 | 22061 | 2904 |
| Less: FFO attributable to One Steuart Lane | - | - | - | - | (2699) |
| **Core FFO (1)** | $**61609** | $**6498** | $**33050** | $**22061** | $**205** |

---

------

<sup>(1)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 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 | $2377084 | $212002 | $627169 | $359405 | $149653 | $1028855 |
| Cash and cash equivalents | 140818 | 28335 | 38918 | 15322 | 3950 | 54293 |
| Restricted cash | 111722 | 5472 | - | - | 2431 | 103819 |
| Accounts and other receivables | 4830 | 3642 | 453 | 326 | 17 | 392 |
| Deferred rent receivable | 31372 | 17921 | 5422 | 3507 | 2992 | 1530 |
| Deferred charges, net | 13026 | 9566 | 1430 | 951 | 1079 | - |
| Intangible assets, net | 69599 | - | 14363 | 10980 | 2583 | 41673 |
| For-sale residential condominium units (2) | 322232 | - | - | - | - | 322232 |
| Other assets | 37826 | 189 | 22651 | 211 | 1564 | 13211 |
| **Total Assets** | $**3108509** | $**277127** | $**710406** | $**390702** | $**164269** | $**1566005** |
| **Liabilities:** |  |  |  |  |  |  |
| Notes and mortgages payable, net | $1834916 | $298186 | $408967 | $186909 | $158666 | $782188 |
| Accounts payable and accrued expenses | 47302 | 5620 | 10768 | 3264 | 4262 | 23388 |
| Intangible liabilities, net | 10972 | - | 2331 | 7327 | 1314 | - |
| Other liabilities | 3481 | 176 | 232 | 246 | 244 | 2583 |
| **Total Liabilities** | **1896671** | **303982** | **422298** | **197746** | **164486** | **808159** |
| **Total Equity** | **1211838** | **(26855)** | **288108** | **192956** | **(217)** | **757846** |
| **Total Liabilities and Equity** | $**3108509** | $**277127** | $**710406** | $**390702** | $**164269** | $**1566005** |

---

------

<sup>(1)</sup> 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.

<sup>(2)</sup> Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **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 | $2246152 | $212155 | $644991 | $368202 | $216073 | $804731 |
| Cash and cash equivalents | 84672 | 19150 | 27727 | 14684 | 3334 | 19777 |
| Restricted cash | 132238 | 13488 | - | - | 3518 | 115232 |
| Accounts and other receivables | 3144 | 2512 | 113 | 276 | 120 | 123 |
| Deferred rent receivable | 28939 | 18130 | 5428 | 2274 | 2908 | 199 |
| Deferred charges, net | 12304 | 9399 | 1196 | 366 | 1343 | - |
| Intangible assets, net | 58590 | - | 26671 | 16396 | 4157 | 11366 |
| For-sale residential condominium units (2) | 359638 | - | - | - | - | 359638 |
| Other assets | 2259 | 189 | 543 | 191 | 110 | 1226 |
| **Total Assets** | $**2927936** | $**275023** | $**706669** | $**402389** | $**231563** | $**1312292** |
| **Liabilities:** |  |  |  |  |  |  |
| Notes and mortgages payable, net | $1791404 | $297775 | $406881 | $186750 | $152358 | $747640 |
| Accounts payable and accrued expenses | 52813 | 5615 | 11471 | 4841 | 5115 | 25771 |
| Intangible liabilities, net | 18397 | - | 5179 | 11033 | 2185 | - |
| Other liabilities | 8284 | 291 | 6380 | 138 | 226 | 1249 |
| **Total Liabilities** | **1870898** | **303681** | **429911** | **202762** | **159884** | **774660** |
| **Total Equity** | **1057038** | **(28658)** | **276758** | **199627** | **71679** | **537632** |
| **Total Liabilities and Equity** | $**2927936** | $**275023** | $**706669** | $**402389** | $**231563** | $**1312292** |

---

------

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

<sup>(2)</sup> Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  |  | **712 Fifth** | **Market** | **55 Second** | **111 Sutter** |  |
|  | **Total** | **Avenue** | **Center** | **Street** | **Street** | **Other (1)** |
| Total revenues | $41424 | $11974 | $14353 | $8055 | $3825 | $3217 |
| Total operating expenses | 23278 | 5437 | 7558 | 3598 | 1944 | 4741 |
| Net operating income (2) | 18146 | 6537 | 6795 | 4457 | 1881 | (1524) |
| Depreciation and amortization | (17809) | (2801) | (7618) | (4128) | (2117) | (1145) |
| Interest and other income (loss), net | 504 | 182 | 244 | 79 | 11 | (12) |
| Interest and debt expense | (14273) | (2702) | (3514) | (1856) | (2524) | (3677) |
| Real estate impairment loss | (64663) | - | - | - | (64663) | - |
| (Loss) income before income taxes | (78095) | 1216 | (4093) | (1448) | (67412) | (6358) |
| Income tax expense | (6) | - | - | (2) | - | (4) |
| **Net (loss) income** | $**(78101)** | $**1216** | $**(4093)** | $**(1450)** | $**(67412)** | $**(6362)** |
| **PGRE's share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **67.0%** | **44.1%** | **49.0%** | **Various** |
| **Net (loss) income** | $**(37327)** | $**608** | $**(2744)** | $**(645)** | $**(33030)** | $**(1516)** |
| Less: Step-up basis adjustment | (37) | - | - | (2) | - | (35) |
| Less: Adjustments to equity in earnings for <br> distributions from unconsolidated joint ventures | (561) | (608) | - | - | 47 | - |
| PGRE's share of net loss | (37925) | - | (2744) | (647) | (32983) | (1551) |
| Add: Real estate depreciation and amortization | 9509 | 1400 | 5104 | 1822 | 1038 | 145 |
| Add: Real estate impairment loss | 31685 | - | - | - | 31685 | - |
| FFO (2) | 3269 | 1400 | 2360 | 1175 | (260) | (1406) |
| Add: Adjustments to equity in earnings for <br> distributions from unconsolidated joint ventures | 561 | 608 | - | - | (47) | - |
| Less: FFO attributable to One Steuart Lane | 1387 | - | - | - | - | 1387 |
| **Core FFO (2)** | $**5217** | $**2008** | $**2360** | $**1175** | $**(307)** | $**(19)** |
| **Joint Venture Partners' share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **33.0%** | **55.9%** | **51.0%** | **Various** |
| **Net (loss) income** | $**(40774)** | $**608** | $**(1349)** | $**(805)** | $**(34382)** | $**(4846)** |
| Add: Real estate depreciation and amortization | 8337 | 1401 | 2514 | 2308 | 1079 | 1035 |
| Add: Real estate impairment loss | 32978 | - | - | - | 32978 | - |
| FFO (2) | 541 | 2009 | 1165 | 1503 | (325) | (3811) |
| Less: FFO attributable to One Steuart Lane | 2575 | - | - | - | - | 2575 |
| **Core FFO (2)** | $**3116** | $**2009** | $**1165** | $**1503** | $**(325)** | $**(1236)** |

---

------

<sup>(1)</sup> 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.

<sup>(2)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |  |
|  |  | **712 Fifth** | **Market** | **55 Second** | **111 Sutter** |  |  |
|  | **Total** | **Avenue** | **Center** | **Street** | **Street** | **Other (1)** |  |
| Total revenues | $103706 | $10121 | $14578 | $8461 | $3686 | $66860 | (2) |
| Total operating expenses | 66870 | 5782 | 7032 | 3440 | 1838 | 48778 | (2) |
| Net operating income (3) | 36836 | 4339 | 7546 | 5021 | 1848 | 18082 |  |
| Depreciation and amortization | (26180) | (2656) | (7953) | (4818) | (1839) | (8914) |  |
| Interest and other (loss) income, net | (28) | (6) | (7) | (12) | (4) | 1 |  |
| Interest and debt expense | (18358) | (2736) | (3428) | (1856) | (1608) | (8730) |  |
| **Net (loss) income** | $**(7730)** | $**(1059)** | $**(3842)** | $**(1665)** | $**(1603)** | $**439** |  |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **67.0%** | **44.1%** | **49.0%** | **Various** |  |
| **Net loss** | $**(4785)** | $**(529)** | $**(2576)** | $**(738)** | $**(784)** | $**(158)** |  |
| Less: Step-up basis adjustment | (262) | - | - | (3) | - | (259) |  |
| Add: Adjustments to equity in earnings for<br> distributions from an unconsolidated joint venture | 961 | 961 | - | - | - | - |  |
| PGRE's share of net (loss) income | (4086) | 432 | (2576) | (741) | (784) | (417) |  |
| Add: Real estate depreciation and amortization | 10167 | 1328 | 5328 | 2124 | 902 | 485 |  |
| FFO (3) | 6081 | 1760 | 2752 | 1383 | 118 | 68 |  |
| Less: Adjustments to equity in earnings for<br> distributions from an unconsolidated joint venture | (961) | (961) | - | - | - | - |  |
| Less: FFO attributable to One Steuart Lane | 453 | - | - | - | - | 453 |  |
| **Core FFO (3)** | $**5573** | $**799** | $**2752** | $**1383** | $**118** | $**521** |  |
| **Joint Venture Partners' share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **33.0%** | **55.9%** | **51.0%** | **Various** |  |
| **Net (loss) income** | $**(2945)** | $**(530)** | $**(1266)** | $**(927)** | $**(819)** | $**597** |  |
| Add: Real estate depreciation and amortization | 16055 | 1328 | 2625 | 2697 | 937 | 8468 |  |
| FFO (3) | 13110 | 798 | 1359 | 1770 | 118 | 9065 |  |
| Less: FFO attributable to One Steuart Lane | 434 | - | - | - | - | 434 |  |
| **Core FFO (3)** | $**13544** | $**798** | $**1359** | $**1770** | $**118** | $**9499** |  |

---

------

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

<sup>(2)</sup> Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

<sup>(3)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |  |
|  |  | **712 Fifth** | **Market** | **55 Second** | **111 Sutter** |  |  |
|  | **Total** | **Avenue** | **Center** | **Street** | **Street** | **Other (1)** |  |
| Total revenues | $259881 | $44813 | $57858 | $31182 | $15192 | $110836 | (2) |
| Total operating expenses | 152313 | 21617 | 28100 | 13621 | 7164 | 81811 | (2) |
| Net operating income (3) | 107568 | 23196 | 29758 | 17561 | 8028 | 29025 |  |
| Depreciation and amortization | (85949) | (10900) | (31875) | (16817) | (7687) | (18670) |  |
| Interest and other income (loss), net | 991 | 257 | 365 | 91 | (1) | 279 |  |
| Interest and debt expense | (62173) | (10749) | (13759) | (7426) | (7589) | (22650) |  |
| Real estate impairment loss | (64663) | - | - | - | (64663) | - |  |
| (Loss) income before income taxes | (104226) | 1804 | (15511) | (6591) | (71912) | (12016) |  |
| Income tax expense | (60) | - | (3) | (36) | (4) | (17) |  |
| **Net (loss) income** | $**(104286)** | $**1804** | $**(15514)** | $**(6627)** | $**(71916)** | $**(12033)** |  |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **67.0%** | **44.1%** | **49.0%** | **Various** |  |
| **Net (loss) income** | $**(52123)** | $**902** | $**(10405)** | $**(2932)** | $**(35237)** | $**(4451)** |  |
| Less: Step-up basis adjustment | (273) | - | - | (11) | - | (262) |  |
| Less: Adjustments to equity in earnings for <br> distributions from unconsolidated joint ventures | (855) | (902) | - | - | 47 | - |  |
| PGRE's share of net loss | (53251) | - | (10405) | (2943) | (35190) | (4713) |  |
| Add: Real estate depreciation and amortization | 39272 | 5450 | 21356 | 7426 | 3767 | 1273 |  |
| Add: Real estate impairment loss | 31685 | - | - | - | 31685 | - |  |
| FFO (3) | 17706 | 5450 | 10951 | 4483 | 262 | (3440) |  |
| Add: Adjustments to equity in earnings for <br> distributions from unconsolidated joint ventures | 855 | 902 | - | - | (47) | - |  |
| Less: FFO attributable to One Steuart Lane | 4670 | - | - | - | - | 4670 |  |
| **Core FFO (3)** | $**23231** | $**6352** | $**10951** | $**4483** | $**215** | $**1230** |  |
| **Joint Venture Partners' share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **33.0%** | **55.9%** | **51.0%** | **Various** |  |
| **Net (loss) income** | $**(52163)** | $**902** | $**(5109)** | $**(3695)** | $**(36679)** | $**(7582)** |  |
| Add: Real estate depreciation and amortization | 46950 | 5450 | 10519 | 9402 | 3920 | 17659 |  |
| Add: Real estate impairment loss | 32978 | - | - | - | 32978 | - |  |
| FFO (3) | 27765 | 6352 | 5410 | 5707 | 219 | 10077 |  |
| Less: FFO attributable to One Steuart Lane | 8371 | - | - | - | - | 8371 |  |
| **Core FFO (3)** | $**36136** | $**6352** | $**5410** | $**5707** | $**219** | $**18448** |  |

---

------

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

<sup>(3)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |  |
|  |  | **712 Fifth** | **Market** | **55 Second** | **111 Sutter** |  |  |
|  | **Total** | **Avenue** | **Center** | **Street** | **Street** | **Other (1)** |  |
| Total revenues | $369125 | $40426 | $55052 | $33279 | $15284 | $225084 | (2) |
| Total operating expenses | 220396 | 23342 | 26283 | 13079 | 6965 | 150727 | (2) |
| Net operating income (3) | 148729 | 17084 | 28769 | 20200 | 8319 | 74357 |  |
| Depreciation and amortization | (107079) | (10740) | (32806) | (19265) | (7450) | (36818) |  |
| Interest and other loss, net | (111) | (12) | (44) | (30) | (14) | (11) |  |
| Interest and debt expense | (63493) | (10830) | (13583) | (7426) | (6277) | (25377) |  |
| (Loss) income before income taxes | (21954) | (4498) | (17664) | (6521) | (5422) | 12151 |  |
| Income tax expense | (32) | - | (5) | (22) | (3) | (2) |  |
| **Net (loss) income** | $**(21986)** | $**(4498)** | $**(17669)** | $**(6543)** | $**(5425)** | $**12149** |  |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **67.0%** | **44.1%** | **49.0%** | **Various** |  |
| **Net (loss) income** | $**(16491)** | $**(2249)** | $**(11848)** | $**(2902)** | $**(2658)** | $**3166** |  |
| Less: Step-up basis adjustment | (389) | - | - | (10) | - | (379) |  |
| Less: Adjustments to equity in earnings for<br> contributions to an unconsolidated joint venture | (8016) | (8016) | - | - | - | - |  |
| PGRE's share of net (loss) income | (24896) | (10265) | (11848) | (2912) | (2658) | 2787 |  |
| Add: Real estate depreciation and amortization | 41537 | 5370 | 21980 | 8494 | 3651 | 2042 |  |
| FFO (3) | 16641 | (4895) | 10132 | 5582 | 993 | 4829 |  |
| Add: Adjustments to equity in earnings for<br> contributions to an unconsolidated joint venture | 8016 | 8016 | - | - | - | - |  |
| Less: FFO attributable to One Steuart Lane | (2914) | - | - | - | - | (2914) |  |
| **Core FFO (3)** | $**21743** | $**3121** | $**10132** | $**5582** | $**993** | $**1915** |  |
| **Joint Venture Partners' share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **33.0%** | **55.9%** | **51.0%** | **Various** |  |
| **Net (loss) income** | $**(5495)** | $**(2249)** | $**(5821)** | $**(3641)** | $**(2767)** | $**8983** |  |
| Add: Real estate depreciation and amortization | 65711 | 5370 | 10826 | 10781 | 3799 | 34935 |  |
| FFO **(3)** | 60216 | 3121 | 5005 | 7140 | 1032 | 43918 |  |
| Less: FFO attributable to One Steuart Lane | (5819) | - | - | - | - | (5819) |  |
| **Core FFO (3)** | $**54397** | $**3121** | $**5005** | $**7140** | $**1032** | $**38099** |  |

---

------

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

<sup>(2)</sup> Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

<sup>(3)</sup> See page 48 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg)  | **CAPITAL STRUCTURE** |

---

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

---

| | |
|:---|:---|
|  | **As of December 31, 2022** |
| **Debt:** |  |
| Consolidated debt: |  |
| Notes and mortgages payable (1) | $3858000 |
| Revolving Credit Facility | - |
|  | 3858000 |
| Less: |  |
| Noncontrolling interests' share of consolidated debt (2) | (810335) |
| Add: |  |
| PGRE's share of unconsolidated joint venture debt (3) | 624764 |
| PGRE's Share of Total Debt (4) | 3672429 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares / Units** | **Share Price as of** |  |
| **Equity:** | **Outstanding** | **December 31, 2022** |  |
| Common stock | 216559406 | $5.94 | 1286363 |
| Operating Partnership units | 14586411 | 5.94 | 86644 |
| Total equity | 231145817 | 5.94 | 1373007 |
| **Total Market Capitalization** | **Total Market Capitalization** | **Total Market Capitalization** | $**5045436** |

---

------

<sup>(1)</sup> Represents contractual amounts due pursuant to the respective debt agreements.

<sup>(2)</sup> Represents noncontrolling interests' share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

<sup>(3)</sup> 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.

<sup>(4)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_15.jpg](img172260412_15.jpg)  | **DEBT ANALYSIS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Debt** | **Total Debt** | **Fixed Rate Debt** | **Fixed Rate Debt** | **Variable Rate Debt** | **Variable Rate Debt** |
| **Consolidated Debt:** | **Amount** | **Rate** | **Amount** | **Rate** | **Amount** | **Rate** |
| 1633 Broadway | $1250000 | 2.99% | $1250000 | 2.99% | $- | - |
| 1301 Avenue of the Americas | 860000 | 3.76% | 500000 | 2.46% | 360000 | 5.56% |
| 31 West 52nd Street | 500000 | 3.80% | 500000 | 3.80% | - | - |
| One Market Plaza | 975000 | 4.03% | 975000 | 4.03% | - | - |
| 300 Mission Street | 273000 | 3.65% | 273000 | 3.65% | - | - |
| Revolving Credit Facility | - | - | - | - | - | - |
| Total consolidated debt | 3858000 | 3.58% | 3498000 | 3.37% | 360000 | 5.56% |
| Noncontrolling interests' share | (810335) | 3.78% | (810335) | 3.78% | - | - |
| PGRE's share of consolidated debt | $3047665 | 3.52% | $2687665 | 3.25% | $360000 | 5.56% |
| **Unconsolidated Joint Venture Debt:** |  |  |  |  |  |  |
| 712 Fifth Avenue | $300000 | 3.39% | $300000 | 3.39% | $- | - |
| Market Center | 410835 | 3.12% | 402000 | 3.07% | 8835 | 5.62% |
| 55 Second Street | 187500 | 3.88% | 187500 | 3.88% | - | - |
| 111 Sutter Street | 158771 | 6.28% | - | - | 158771 | 6.28% |
| 1600 Broadway (1) | 98000 | 3.45% | 98000 | 3.45% | - | - |
| 60 Wall Street | 575000 | 5.95% | - | - | 575000 | 5.95% |
| Oder-Center, Germany | 12777 | 2.79% | - | - | 12777 | 2.79% |
| Total unconsolidated debt | 1742883 | 4.49% | 987500 | 3.36% | 755383 | 5.96% |
| Joint venture partners' share | (1118119) | 4.86% | (476475) | 3.42% | (641644) | 5.93% |
| PGRE's share of unconsolidated debt | $624764 | 3.82% | $511025 | 3.30% | $113739 | 6.12% |
| **PGRE's share of Total Debt (2)** | $**3672429** | **3.57%** | $**3198690** | **3.26%** | $**473739** | **5.70%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revolving Credit Facility Covenants: (3)** | **Required** | **Actual** | **Debt Composition (at PGRE's share):** | **Amount** | **%** |
| Total Debt / Total Assets | Less than 60% | 44.8% | &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate debt: |  |  |
| Secured Debt / Total Assets | Less than 50% | 44.8% | Consolidated fixed rate debt | $2687665 |  |
| Fixed Charge Coverage | Greater than 1.5x | 3.20x | Unconsolidated fixed rate debt | 511025 |  |
| Unsecured Debt / Unencumbered Assets | Less than 60% | 0.0% | **PGRE's share of fixed rate debt** | **3198690** | **87.1%** |
| Unencumbered Interest Coverage | Greater than 1.75x | 48.75x | &nbsp;&nbsp;&nbsp;&nbsp;Variable rate debt: |  |  |
|  |  |  | Consolidated variable rate debt | 360000 |  |
|  |  |  | Unconsolidated variable rate debt | 113739 |  |
|  |  |  | **PGRE's share of variable rate debt** | **473739** | **12.9%** |
|  |  |  | **PGRE's share of Total Debt (2)** | $**3672429** | **100.0%** |

---

------

<sup>(1)</sup> 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%.

<sup>(2)</sup> See page 48 for our definition of this measure.

<sup>(3)</sup> This section presents ratios as of December 31, 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.

------

---

| | |
|:---|:---|
| ![img172260412_15.jpg](img172260412_15.jpg)  | **DEBT MATURITIES** |

---

(unaudited and in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Debt:** | **2023** |  | **2024** | **2025** | **2026** | **2027** | **Thereafter** | **Total** |
| 300 Mission Street | $273000 | (1) | $- | $- | $- | $- | $- | $273000 |
| One Market Plaza | - |  | 975000 | - | - | - | - | 975000 |
| 31 West 52nd Street | - |  | - | - | 500000 | - | - | 500000 |
| 1301 Avenue of the Americas | - |  | - | - | 860000 | - | - | 860000 |
| 1633 Broadway | - |  | - | - | - | - | 1250000 | 1250000 |
| Revolving Credit Facility | - |  | - | - | - | - | - | - |
| **Total consolidated debt** | **273000** |  | **975000** | **-** | **1360000** | **-** | **1250000** | **3858000** |
| Noncontrolling interests' share | (188097) |  | (497250) | - | - | - | (124988) | (810335) |
| **PGRE's share of consolidated debt** | $**84903** |  | $**477750** | $**-** | $**1360000** | $**-** | $**1125012** | $**3047665** |
| **Unconsolidated Joint Venture Debt:** |  |  |  |  |  |  |  |  |
| 60 Wall Street | $575000 | (2) | $- | $- | $- | $- | $- | $575000 |
| 111 Sutter Street | 158771 | (3) | - | - | - | - | - | 158771 |
| Market Center | - |  | - | 410835 | - | - | - | 410835 |
| 55 Second Street | - |  | - | - | 187500 | - | - | 187500 |
| 712 Fifth Avenue | - |  | - | - | - | 300000 | - | 300000 |
| Oder-Center, Germany | - |  | - | - | - | - | 12777 | 12777 |
| 1600 Broadway (4) | - |  | - | - | - | - | 98000 | 98000 |
| **Total unconsolidated debt** | **733771** |  | **-** | **410835** | **187500** | **300000** | **110777** | **1742883** |
| Joint venture partners' share | (627165) |  | - | (135576) | (104831) | (150000) | (100547) | (1118119) |
| **PGRE's share of unconsolidated debt** | $**106606** |  | $**-** | $**275259** | $**82669** | $**150000** | $**10230** | $**624764** |
| **PGRE's Share of Total Debt (5)** | $**191509** |  | $**477750** | $**275259** | $**1442669** | $**150000** | $**1135242** | $**3672429** |
| **Weighted average rate** | **5.06%** |  | **4.03%** | **3.12%** | **3.78%** | **3.39%** | **2.99%** | **3.57%** |
| **% of debt maturing** | **5.2%** |  | **13.0%** | **7.5%** | **39.3%** | **4.1%** | **30.9%** | **100.0%** |

---

------

(1)This loan matures in October 2023. We are exploring various alternatives to refinance this loan.

(2)This loan matures in February 2023 and provides for an one-year extension through February 2024. The joint venture is currently in discussion with the lender to extend this loan.

(3)This loan matures in March 2023 and has three one-year extension options, subject to certain tests. The joint venture is currently in discussion with the lender to modify and extend this loan.

(4)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%.

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

------

---

| | |
|:---|:---|
| ![img172260412_16.jpg](img172260412_16.jpg)  | **PORTFOLIO SUMMARY – NEW YORK** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Annualized Rent (1)** | **Annualized Rent (1)** | **Square Feet** | **Square Feet** | **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% | $181186 | $80.06 | 2272771 | - | 2272771 | Allianz, Morgan Stanley, Warner Music Group, ICBC, |
|  |  |  |  |  |  |  |  |  | Showtime Networks, New Mountain Capital, MongoDB, |
|  |  |  |  |  |  |  |  |  | Bleacher Report, Kasowitz, Benson, Torres & Friedman |
| Retail / Theater | 90.0% | 96.6% | 86.2% | 9531 | 73.58 | 253609 | - | 253609 | Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung |
|  | 90.0% | 99.7% | 98.6% | 190717 | 79.98 | 2526380 | - | 2526380 |  |
| **1301 Avenue of the Americas** | **1301 Avenue of the Americas** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 88.1% | 88.1% | 127324 | 86.13 | 1698481 | - | 1698481 | Credit Agricole, Norton Rose Fulbright, CohnReznick, |
|  |  |  |  |  |  |  |  |  | Swiss Re, Oaktree Capital, ArentFox Schiff, |
|  |  |  |  |  |  |  |  |  | O'Melveny & Myers, SVB Securities |
| Retail / Amenity Center | 100.0% | 89.8% | 89.8% | 2573 | 185.11 | 50722 | - | 50722 | Ocean Prime, Starbucks |
|  | 100.0% | 88.1% | 88.1% | 129897 | 86.97 | 1749203 | - | 1749203 |  |
| **1325 Avenue of the Americas** | **1325 Avenue of the Americas** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 94.2% | 94.2% | 50247 | 67.52 | 809689 | - | 809689 | McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore |
| Retail | 100.0% | 100.0% | 100.0% | 1415 | 86.68 | 15609 | - | 15609 | La Grande Boucherie |
|  | 100.0% | 94.4% | 94.4% | 51662 | 67.83 | 825298 | - | 825298 |  |
| **31 West 52nd Street** | **31 West 52nd Street** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 92.8% | 92.8% | 63256 | 91.90 | 742006 | - | 742006 | Clifford Chance, Pillsbury Winthrop Shaw Pittman, |
|  |  |  |  |  |  |  |  |  | Centerview Partners, Bracewell, Providence Equity Partners |
| Retail | 100.0% | 97.8% | 97.8% | 4896 | 110.55 | 25913 | - | 25913 | Fogo De Chao, MoMA Design Store |
|  | 100.0% | 93.0% | 93.0% | 68152 | 92.57 | 767919 | - | 767919 |  |
| **900 Third Avenue** |  |  |  |  |  |  |  |  |  |
| Office | 100.0% | 79.2% | 79.2% | 32338 | 71.24 | 575084 | - | 575084 | Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse & |
|  |  |  |  |  |  |  |  |  | Hirschtritt, Littler Mendelson |
| Retail | 100.0% | 81.7% | 81.7% | 1295 | 97.31 | 16144 | - | 16144 | Bank of America |
|  | 100.0% | 79.3% | 79.3% | 33633 | 71.97 | 591228 | - | 591228 |  |
| **712 Fifth Avenue** |  |  |  |  |  |  |  |  |  |
| Office | 50.0% | 83.9% | 75.5% | 40530 | 117.30 | 457580 | - | 457580 | CVC Advisors, Aberdeen Standard Investments, OMI |
|  |  |  |  |  |  |  |  |  | Management, Riverstone Holdings, Pictet Asset Management |
| Retail | 50.0% | 20.9% | 20.9% | 7883 | 437.43 | 85917 | - | 85917 | Harry Winston |
|  | 50.0% | 73.9% | 66.9% | 48413 | 133.10 | 543497 | - | 543497 |  |
| **1600 Broadway (3)** | **1600 Broadway (3)** |  |  |  |  |  |  |  |  |
| Retail | 9.2% | 100.0% | 100.0% | 10319 | 305.18 | 25693 | - | 25693 | M&M's World |
| **60 Wall Street (4)** | **60 Wall Street (4)** |  |  |  |  |  |  |  |  |
| Office | 5.0% | N/A | N/A | N/A | N/A | - | 1625483 | 1625483 |  |
| **Subtotal / Weighted average** | **Subtotal / Weighted average** | **91.7%** | **90.8%** | $**532793** | $**85.16** | **7029218** | **1625483** | **8654701** |  |
| **PGRE's share** | **PGRE's share** | **92.1%** | **91.5%** | $**480147** | $**82.92** | **6481528** | **81437** | **6562965** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Represents office and retail space only.

<sup>(3)</sup> Acquired on February 24, 2022.

<sup>(4)</sup> In June 2022, 60 Wall Street was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_17.jpg](img172260412_17.jpg)  | **PORTFOLIO SUMMARY – SAN FRANCISCO** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Annualized Rent (1)** | **Annualized Rent (1)** | **Square Feet** | **Square Feet** | **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** | **One Market Plaza** |  |  |  |  |  |  |  |  |
| Office | 49.0% | 96.6% | 93.6% | $151701 | $104.48 | 1555077 | - | 1555077 | Google, Morgan Lewis & Bockius, Visa, |
|  |  |  |  |  |  |  |  |  | The Capital Group, Autodesk, Citigroup, |
|  |  |  |  |  |  |  |  |  | Duane Morris, Thoma Bravo, PJT Partners |
| Retail | 49.0% | 74.7% | 74.7% | 2792 | 62.44 | 54418 | - | 54418 | Starbucks, STK Steak House, |
|  |  |  |  |  |  |  |  |  | One Market Restaurant |
|  | 49.0% | 95.8% | 93.0% | 154493 | 103.41 | 1609495 | - | 1609495 |  |
| **Market Center** | **Market Center** |  |  |  |  |  |  |  |  |
| Office | 67.0% | 79.5% | 79.5% | 54022 | 92.24 | 737911 | - | 737911 | Uber, Mindspace, Bank of Communications, |
|  |  |  |  |  |  |  |  |  | Crowe, Mayer Brown, Raymond James |
| Retail | 67.0% | 66.2% | 66.2% | 611 | 109.47 | 6156 | - | 6156 | Amazon |
|  | 67.0% | 79.4% | 79.4% | 54633 | 92.36 | 744067 | - | 744067 |  |
| **300 Mission Street** | **300 Mission Street** |  |  |  |  |  |  |  |  |
| Office | 31.1% | 80.9% | 80.9% | 45884 | 94.05 | 605662 | - | 605662 | Autodesk, Glassdoor, Instacart |
| Retail | 31.1% | 88.5% | 88.5% | 2818 | 63.42 | 49172 | - | 49172 | Equinox |
|  | 31.1% | 81.4% | 81.4% | 48702 | 91.55 | 654834 | - | 654834 |  |
| **One Front Street** | **One Front Street** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 97.0% | 95.8% | 55425 | 91.29 | 634898 | - | 634898 | First Republic, Coinbase, JLL, Cigna |
| Retail | 100.0% | 97.3% | 97.3% | 1109 | 90.73 | 12293 | - | 12293 | First Republic |
|  | 100.0% | 97.0% | 95.8% | 56534 | 91.28 | 647191 | - | 647191 |  |
| **55 Second Street** | **55 Second Street** |  |  |  |  |  |  |  |  |
| Office | 44.1% | 85.7% | 85.7% | 26112 | 82.49 | 370319 | - | 370319 | KPMG, Intercom, Rippling, UKG |
| Retail | 44.1% | 100.0% | 100.0% | 937 | 112.27 | 7480 | - | 7480 | Sutter West Bay Medical, Bluestone Lane |
|  | 44.1% | 86.0% | 86.0% | 27049 | 83.18 | 377799 | - | 377799 |  |
| **111 Sutter Street** | **111 Sutter Street** |  |  |  |  |  |  |  |  |
| Office | 49.0% | 56.2% | 56.2% | 12225 | 88.95 | 248821 | - | 248821 | Turo, Natural Resource Defense Council |
| Retail | 49.0% | 86.7% | 86.7% | 1760 | 69.27 | 29249 | - | 29249 | 24 Hour Fitness |
|  | 49.0% | 59.4% | 59.4% | 13985 | 85.88 | 278070 | - | 278070 |  |
| **Subtotal / Weighted average** | **Subtotal / Weighted average** | **87.8%** | **86.5%** | $**355396** | $**95.41** | **4311456** | **-** | **4311456** |  |
| **PGRE's share** | **PGRE's share** | **88.9%** | **87.7%** | $**202768** | $**94.91** | **2440885** | **-** | **2440885** |  |
| **Total / Weighted average** | **Total / Weighted average** | **90.2%** | **89.2%** | $**888189** | $**89.04** | **11340674** | **1625483** | **12966157** |  |
| **PGRE's share** | **PGRE's share** | **91.3%** | **90.4%** | $**682915** | $**86.20** | **8922413** | **81437** | **9003850** |  |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Represents office and retail space only.

------

---

| | |
|:---|:---|
| ![img172260412_18.jpg](img172260412_18.jpg)  | **SAME STORE LEASED OCCUPANCY** |

---

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of December 31, 2022** | **As of December 31, 2022** | **As of September 30, 2022** | **As of September 30, 2022** | **Change in** |
|  | **Paramount** |  | **Same Store** |  | **Same Store** | **Same Store** |
| **Property** | **Ownership** | **Leased % (1)** | **Leased % (1)** | **Leased % (1)** | **Leased % (1)** | **Leased %** |
| **New York:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1633 Broadway | 90.0% | 99.7% | 99.7% | 99.7% | 99.7% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;1301 Avenue of the Americas | 100.0% | 88.1% | 88.1% | 88.1% | 88.1% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;1325 Avenue of the Americas | 100.0% | 94.4% | 94.4% | 94.4% | 94.4% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;31 West 52nd Street | 100.0% | 93.0% | 93.0% | 93.0% | 93.0% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;900 Third Avenue | 100.0% | 79.3% | 79.3% | 79.2% | 79.2% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;712 Fifth Avenue | 50.0% | 73.9% | 73.9% | 73.6% | 73.6% | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 Broadway | 9.2% | 100.0% | 100.0% | 100.0% | 100.0% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;60 Wall Street (2) | 5.0% | N/A | -% | N/A | -% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average |  | 91.7% | 91.7% | 91.7% | 91.7% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp; PGRE's share |  | 92.1% | 92.1% | 92.1% | 92.1% | -% |
| **San Francisco:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One Market Plaza | 49.0% | 95.8% | 95.8% | 95.8% | 95.8% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Center | 67.0% | 79.4% | 79.4% | 81.0% | 81.0% | (1.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;300 Mission Street | 31.1% | 81.4% | 81.4% | 81.4% | 81.4% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;One Front Street | 100.0% | 97.0% | 97.0% | 97.0% | 97.0% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;55 Second Street | 44.1% | 86.0% | 86.0% | 86.0% | 86.0% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;111 Sutter Street | 49.0% | 59.4% | 59.4% | 62.1% | 62.1% | (2.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average |  | 87.8% | 87.8% | 88.2% | 88.2% | (0.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp; PGRE's share |  | 88.9% | 88.9% | 89.3% | 89.3% | (0.4%) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Weighted average** |  | **90.2%** | **90.2%** | **90.4%** | **90.4%** | **(0.2**<br>**%)** |
| **&nbsp;&nbsp;&nbsp;&nbsp; PGRE's share** |  | **91.3%** | **91.3%** | **91.4%** | **91.4%** | **(0.1**<br>**%)** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> In June 2022, 60 Wall Street was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_18.jpg](img172260412_18.jpg)  | **SAME STORE LEASED OCCUPANCY** |

---

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2021** | **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:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1633 Broadway | 90.0% | 99.7% | 99.7% | 98.3% | 98.3% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;1301 Avenue of the Americas | 100.0% | 88.1% | 88.1% | 84.3% | 84.3% | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;1325 Avenue of the Americas | 100.0% | 94.4% | 94.4% | 93.4% | 93.4% | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;31 West 52nd Street | 100.0% | 93.0% | 93.0% | 92.3% | 92.3% | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;900 Third Avenue | 100.0% | 79.3% | 79.3% | 79.2% | 79.2% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;712 Fifth Avenue | 50.0% | 73.9% | 73.9% | 71.4% | 71.4% | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 Broadway (2) | 9.2% | 100.0% | -% | -% | -% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;60 Wall Street (3) | 5.0% | N/A | -% | 100.0% | -% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average |  | 91.7% | 91.7% | 91.8% | 89.8% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; PGRE's share |  | 92.1% | 92.1% | 90.4% | 90.3% | 1.8% |
| **San Francisco:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One Market Plaza | 49.0% | 95.8% | 95.8% | 94.7% | 94.7% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Center | 67.0% | 79.4% | 79.4% | 84.2% | 84.2% | (4.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;300 Mission Street | 31.1% | 81.4% | 81.4% | 94.7% | 94.7% | (13.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;One Front Street | 100.0% | 97.0% | 97.0% | 97.1% | 97.1% | (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;55 Second Street | 44.1% | 86.0% | 86.0% | 96.3% | 96.3% | (10.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;111 Sutter Street | 49.0% | 59.4% | 59.4% | 64.2% | 64.2% | (4.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average |  | 87.8% | 87.8% | 91.4% | 91.4% | (3.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; PGRE's share |  | 88.9% | 88.9% | 91.6% | 91.6% | (2.7%) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Weighted average** |  | **90.2%** | **90.2%** | **91.6%** | **90.4%** | **(0.2**<br>**%)** |
| **&nbsp;&nbsp;&nbsp;&nbsp; PGRE's share** |  | **91.3%** | **91.3%** | **90.7%** | **90.6%** | **0.7%** |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Acquired on February 24, 2022.

<sup>(3)</sup> In June 2022, 60 Wall Street was taken "out-of-service" for redevelopment.

------

---

| | |
|:---|:---|
| ![img172260412_19.jpg](img172260412_19.jpg)  | **TOP TENANTS AND INDUSTRY DIVERSIFICATION** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** |
|  |  |  | **Total** |  | **Total** |  | **Annualized Rent (1)** | **Annualized Rent (1)** | **% of** |
| **Top 10 Tenants:** |  | **Lease** | **Square Feet** |  | **Square Feet** |  |  | **Per Square** | **Annualized** |
| **As of December 31, 2022** | **Property** | **Expiration** | **Occupied (2)** |  | **Occupied (2)** |  | **Amount** | **Foot (2)** | **Rent** |
| First Republic Bank | One Front Street | Jun-2025 | 249615 |  | 249615 |  | $21140 | $84.39 | 3.1% |
|  |  | Dec-2029 | 76999 |  | 76999 |  | 7595 | 98.64 | 1.1% |
|  |  | Dec-2030 | 25157 |  | 25157 |  | 2260 | 89.36 | 0.3% |
|  |  | Dec-2032 | 108111 |  | 108111 |  | 11223 | 103.81 | 1.7% |
|  |  |  | 459882 |  | 459882 |  | 42218 | 91.61 | 6.2% |
| Credit Agricole Corporate & | 1301 Avenue of the Americas | Feb-2023 | 305132 | (3) | 305132 | (3) | 28073 | 91.46 | 4.1% |
| Investment Bank |  | Apr-2035 | 159308 |  | 159308 |  | 11690 | 72.00 | 1.7% |
|  |  |  | 464440 |  | 464440 |  | 39763 | 84.79 | 5.8% |
| Clifford Chance LLP | 31 West 52nd Street | Jun-2024 | 328543 |  | 328543 |  | 29282 | 89.11 | 4.3% |
| Allianz Global Investors, LP | 1633 Broadway | Jan-2031 | 320911 |  | 288823 |  | 28148 | 97.46 | 4.1% |
| Norton Rose Fulbright | 1301 Avenue of the Americas | Mar-2032 | 111589 |  | 111589 |  | 10164 | 91.08 | 1.5% |
|  |  | Sep-2034 | 179286 |  | 179286 |  | 17602 | 94.37 | 2.6% |
|  |  |  | 290875 |  | 290875 |  | 27766 | 93.11 | 4.1% |
| Morgan Stanley & Company | 1633 Broadway | Mar-2032 | 260829 |  | 234749 |  | 19586 | 83.43 | 2.9% |
| WMG Acquisition Corp. | 1633 Broadway | Jul-2029 | 288250 |  | 259428 |  | 17678 | 67.51 | 2.6% |
| (Warner Music Group) |  |  |  |  |  |  |  |  |  |
| Showtime Networks, Inc. | 1633 Broadway | Jan-2026 | 253196 |  | 227879 |  | 16867 | 72.51 | 2.5% |
| Google, Inc. | One Market Plaza | Apr-2025 | 339833 |  | 166518 |  | 15509 | 92.72 | 2.3% |
| Uber Technologies, Inc. | Market Center | Jul-2023 | 234783 |  | 157305 |  | 14703 | 93.47 | 2.2% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** |
| **Industry Diversification:** | **Square Feet** | **% of Occupied** | **Annualized** | **% of** |
| **As of December 31, 2022** | **Occupied** | **Square Feet** | **Rent (1)** | **Annualized Rent** |
| Legal Services | 1715627 | 21.2% | $150069 | 22.0% |
| Financial Services - Commercial and Investment Banking | 1716428 | 21.3% | 147182 | 21.6% |
| Technology and Media | 1681331 | 20.8% | 136826 | 20.1% |
| Financial Services, all others | 1113494 | 13.8% | 103742 | 15.2% |
| Insurance | 437152 | 5.4% | 41179 | 6.0% |
| Retail | 144305 | 1.8% | 16643 | 2.4% |
| Travel and Leisure | 206198 | 2.6% | 13849 | 2.0% |
| Consumer Products | 121732 | 1.5% | 10225 | 1.5% |
| Other Professional Services | 113261 | 1.4% | 9702 | 1.4% |
| Other | 819662 | 10.2% | 53498 | 7.8% |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Represents office and retail space only.

<sup>(3)</sup> Includes 160,708 square feet that has been pre-leased to O'Melveny & Myers LLP through February 2040.

------

---

| | |
|:---|:---|
| ![img172260412_20.jpg](img172260412_20.jpg)  | **LEASING ACTIVITY (1)**  |

---

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **New York** | **San Francisco** |
| **Three Months Ended December 31, 2022** |  |  |  |
| **Total square feet leased** | **205530** | **151700** | **53830** |
| **PGRE's share of total square feet leased:** | **131742** | **99740** | **32002** |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial rent (2) | $77.66 | $71.89 | $95.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average lease term (in years) | 3.8 | 4.4 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot | $40.84 | $49.94 | $12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per square foot per annum | $10.81 | $11.26 | $7.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of initial rent | 13.9% | 15.7% | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent concessions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average free rent period (in months) | 3.8 | 4.4 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average free rent period per annum (in months) | 1.0 | 1.0 | 1.0 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Second generation space: (2)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Square feet | 116142 | 84140 | 32002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash basis: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent (2) | $78.60 | $72.11 | $95.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent (2) | $79.12 | $74.60 | $91.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage (decrease) increase | (0.7%) | (3.3%) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP basis: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent (2) | $76.29 | $71.75 | $88.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent (2) | $74.59 | $69.13 | $88.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 2.3% | 3.8% | (0.8%) |

---

------

<sup>(1)</sup> The leasing statistics, except for square feet leased, represent office space only.

<sup>(2)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_20.jpg](img172260412_20.jpg)  | **LEASING ACTIVITY (1)**  |

---

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **New York** | **San Francisco** |
| **Year Ended December 31, 2022** |  |  |  |
| **Total square feet leased** | **947135** | **733968** | **213167** |
| **PGRE's share of total square feet leased:** | **688041** | **573247** | **114794** |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial rent (2) | $77.22 | $72.08 | $102.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average lease term (in years) | 8.8 | 9.5 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements and leasing commissions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot | $94.61 | $103.03 | $52.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot per annum | $10.72 | $10.88 | $9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage of initial rent | 13.9% | 15.1% | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent concessions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average free rent period (in months) | 9.7 | 10.8 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average free rent period per annum (in months) | 1.1 | 1.1 | 0.7 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Second generation space: (2)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Square feet | 557641 | 464373 | 93268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash basis: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial rent (2) | $76.77 | $71.14 | $104.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent (2) | $81.14 | $76.97 | $101.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage (decrease) increase | (5.4%) | (7.6%) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GAAP basis: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent (2) | $75.27 | $69.36 | $104.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent (2) | $74.16 | $70.04 | $94.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 1.5% | (1.0%) | 10.5% |

---

------

<sup>(1)</sup> The leasing statistics, except for square feet leased, represent office space only.

<sup>(2)</sup> See page 48 for our definition of this measure.

------

---

| | |
|:---|:---|
| ![img172260412_21.jpg](img172260412_21.jpg)  | **LEASE EXPIRATIONS – TOTAL PORTFOLIO** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** |
| **Year of** | **Square Feet** | **Square Feet** | **Annualized Rent (1)** | **Annualized Rent (1)** | **% of** |
| **Lease Expiration (2)** | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot (3)** | **Annualized Rent** |
| Month to Month | 12103 | 8295 | $807 | $- | 0.1% |
| 1Q 2023 | 167923 | 160702 | 14407 | 90.85 | 2.1% |
| 2Q 2023 | 25976 | 14650 | 1096 | 74.27 | 0.2% |
| 3Q 2023 | 268874 | 180470 | 16777 | 92.89 | 2.4% |
| 4Q 2023 | 48815 | 33020 | 3275 | 98.58 | 0.5% |
| Total 2023 | 511588 | 388842 | 35555 | 91.84 | 5.2% |
| 2024 | 920930 | 802595 | 68217 | 85.11 | 9.9% |
| 2025 | 1461334 | 934675 | 81663 | 87.30 | 11.8% |
| 2026 | 1449107 | 1014226 | 89381 | 85.94 | 13.0% |
| 2027 | 295868 | 219152 | 19527 | 88.97 | 2.8% |
| 2028 | 326729 | 266438 | 20291 | 76.54 | 2.9% |
| 2029 | 573478 | 494143 | 40056 | 81.53 | 5.8% |
| 2030 | 611972 | 515491 | 45745 | 88.78 | 6.6% |
| 2031 | 597334 | 529940 | 50917 | 92.70 | 7.4% |
| 2032 | 914704 | 640706 | 59119 | 92.27 | 8.6% |
| Thereafter | 2557621 | 2327512 | 178334 | 83.30 | 25.9% |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring in the following quarter.

<sup>(3)</sup> Represents office and retail space only.

------

---

| | |
|:---|:---|
| ![img172260412_22.jpg](img172260412_22.jpg)  | **LEASE EXPIRATIONS – NEW YORK** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** |
| **Year of** | **Square Feet** | **Square Feet** | **Annualized Rent (1)** | **Annualized Rent (1)** | **% of** |
| **Lease Expiration (2)** | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot (3)** | **Annualized Rent** |
| Month to Month | 2596 | 2421 | $455 | $- | 0.1% |
| 1Q 2023 | 158468 | 156046 | 13971 | 90.89 | 2.8% |
| 2Q 2023 | 17066 | 10719 | 779 | 72.70 | 0.2% |
| 3Q 2023 | 21779 | 14865 | 1266 | 84.25 | 0.3% |
| 4Q 2023 | 6751 | 5054 | 403 | 75.32 | 0.1% |
| Total 2023 | 204064 | 186684 | 16419 | 88.85 | 3.4% |
| 2024 | 676256 | 652908 | 54051 | 82.88 | 11.2% |
| 2025 | 344891 | 284746 | 25320 | 88.79 | 5.2% |
| 2026 | 737418 | 674101 | 55458 | 78.90 | 11.5% |
| 2027 | 168077 | 152924 | 12929 | 84.41 | 2.7% |
| 2028 | 195595 | 170984 | 11750 | 69.08 | 2.4% |
| 2029 | 496253 | 453509 | 36436 | 80.84 | 7.5% |
| 2030 | 407764 | 397048 | 33993 | 85.66 | 7.0% |
| 2031 | 496270 | 452783 | 43898 | 92.96 | 9.1% |
| 2032 | 492354 | 455927 | 38344 | 84.10 | 7.9% |
| Thereafter | 2227113 | 2088653 | 154442 | 81.12 | 32.0% |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring in the following quarter.

<sup>(3)</sup> Represents office and retail space only.

------

---

| | |
|:---|:---|
| ![img172260412_23.jpg](img172260412_23.jpg)  | **LEASE EXPIRATIONS – SAN FRANCISCO** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** | **PGRE's Share of** |
| **Year of** | **Square Feet** | **Square Feet** | **Annualized Rent (1)** | **Annualized Rent (1)** | **% of** |
| **Lease Expiration (2)** | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot (3)** | **Annualized Rent** |
| Month to Month | 9507 | 5874 | $352 | $- | 0.2% |
| 1Q 2023 | 9455 | 4656 | 436 | 89.53 | 0.2% |
| 2Q 2023 | 8910 | 3931 | 317 | 78.56 | 0.2% |
| 3Q 2023 | 247095 | 165605 | 15511 | 93.67 | 7.5% |
| 4Q 2023 | 42064 | 27966 | 2872 | 102.80 | 1.4% |
| Total 2023 | 307524 | 202158 | 19136 | 94.54 | 9.3% |
| 2024 | 244674 | 149687 | 14166 | 94.91 | 6.9% |
| 2025 | 1116443 | 649929 | 56343 | 86.65 | 27.2% |
| 2026 | 711689 | 340125 | 33923 | 99.76 | 16.5% |
| 2027 | 127791 | 66228 | 6598 | 99.50 | 3.2% |
| 2028 | 131134 | 95454 | 8541 | 89.90 | 4.1% |
| 2029 | 77225 | 40634 | 3620 | 89.09 | 1.8% |
| 2030 | 204208 | 118443 | 11752 | 99.22 | 5.7% |
| 2031 | 101064 | 77157 | 7019 | 91.22 | 3.4% |
| 2032 | 422350 | 184779 | 20775 | 112.43 | 10.1% |
| Thereafter | 330508 | 238859 | 23892 | 100.07 | 11.6% |

---

------

<sup>(1)</sup> See page 48 for our definition of this measure.

<sup>(2)</sup> Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

<sup>(3)</sup> Represents office and retail space only.

------

---

| | |
|:---|:---|
| ![img172260412_24.jpg](img172260412_24.jpg)  | **CASH BASIS CAPITAL EXPENDITURES** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Capital Expenditures: (1)** |  |  |  |  |
| Expenditures to maintain assets | $16377 | $13523 | $1949 | $905 |
| Second generation tenant improvements | 36249 | 22296 | 13953 | - |
| Second generation leasing commissions | 2790 | 1884 | 906 | - |
| First generation leasing costs and capital expenditures | - | - | - | - |
| **Total Capital Expenditures** | $**55416** | $**37703** | $**16808** | $**905** |
| **Redevelopment Expenditures: (1)** |  |  |  |  |
| Lobby renovations and other | $1367 | $- | $- | $1367 |
| **Total Redevelopment Expenditures** | $**1367** | $**-** | $**-** | $**1367** |
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Capital Expenditures: (1)** |  |  |  |  |
| Expenditures to maintain assets | $16379 | $13856 | $2464 | $59 |
| Second generation tenant improvements | 12565 | 5556 | 7009 | - |
| Second generation leasing commissions | 5564 | 1360 | 4204 | - |
| First generation leasing costs and capital expenditures | - | - | - | - |
| **Total Capital Expenditures** | $**34508** | $**20772** | $**13677** | $**59** |
| **Redevelopment Expenditures: (1)** |  |  |  |  |
| Gershwin facade replacement | $2026 | $2026 | $- | $- |
| Elevator modernizations | 1963 | 1945 | 18 | - |
| Lobby renovations | 489 | 486 | 3 | - |
| Other | 3099 | 2571 | 6 | 522 |
| **Total Redevelopment Expenditures** | $**7577** | $**7028** | $**27** | $**522** |

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<sup>(1)</sup> See page 48 for our definition of this measure.

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|:---|:---|
| ![img172260412_24.jpg](img172260412_24.jpg)  | **CASH BASIS CAPITAL EXPENDITURES** |

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(unaudited and in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Capital Expenditures: (1)** |  |  |  |  |
| Expenditures to maintain assets | $47225 | $37523 | $8677 | $1025 |
| Second generation tenant improvements | 66003 | 38953 | 27050 | - |
| Second generation leasing commissions | 15136 | 12167 | 2969 | - |
| First generation leasing costs and capital expenditures | - | - | - | - |
| **Total Capital Expenditures** | $**128364** | $**88643** | $**38696** | $**1025** |
| **Redevelopment Expenditures: (1)** |  |  |  |  |
| Lobby renovations | $5443 | $1754 | $46 | $3643 |
| Elevator modernizations | 1964 | 1928 | 36 | - |
| Other | 1807 | 1719 | 88 | - |
| **Total Redevelopment Expenditures** | $**9214** | $**5401** | $**170** | $**3643** |
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| **Capital Expenditures: (1)** |  |  |  |  |
| Expenditures to maintain assets | $31959 | $23873 | $7975 | $111 |
| Second generation tenant improvements | 42811 | 8912 | 33899 | - |
| Second generation leasing commissions | 19138 | 12589 | 6549 | - |
| First generation leasing costs and capital expenditures | - | - | - | - |
| **Total Capital Expenditures** | $**93908** | $**45374** | $**48423** | $**111** |
| **Redevelopment Expenditures: (1)** |  |  |  |  |
| Elevator modernizations | $12892 | $9768 | $3124 | $- |
| Gershwin facade replacement | 11944 | 11944 | - | - |
| Lobby renovations | 5973 | 4131 | 1842 | - |
| Other | 3628 | 2977 | 129 | 522 |
| **Total Redevelopment Expenditures** | $**34437** | $**28820** | $**5095** | $**522** |

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<sup>(1)</sup> See page 48 for our definition of this measure.

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|:---|:---|
| ![img172260412_25.jpg](img172260412_25.jpg)  | **DEFINITIONS** |

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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 related 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 and adjustments, realized and unrealized gains or losses on real estate related 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 related 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 related 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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|:---|:---|
| ![img172260412_26.jpg](img172260412_26.jpg)  | **DEFINITIONS - CONTINUED** |

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**Adjusted EBITDAre** is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate related 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 (i) has been vacant for less than twelve months or (ii) has been pre-leased prior to expiration.

**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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