# EDGAR Filing Document

**Accession Number:** 0001605607
**File Stem:** 0001193125-25-256532
**Filing Date:** 2025-10
**Character Count:** 172615
**Document Hash:** 5b01122ae6b80fbe6b3e216a726672f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-256532.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001193125-25-256532

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251029

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paramount Group, Inc.
- **CENTRAL INDEX KEY:** 0001605607
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 320439307
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36746
- **FILM NUMBER:** 251430720

**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):** October 29, 2025

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Paramount Group, Inc.

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

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| | | |
|:---|:---|:---|
| Maryland | 001-36746 | 32-0439307 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| 1633 Broadway<br>New York**,** New York |  | 10019 |
| **(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 October 29, 2025, Paramount Group, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2025. 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.

**<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 October 29, 2025 and entitled "Paramount Announces Third Quarter 2025 Results"</u>](pgre-ex99_1.htm) |
| 99.2 | [<u>Supplemental information entitled "Paramount Group, Inc. Supplemental Operating and Financial Data for the Quarter Ended September 30, 2025"</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: October 29, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; By: | /s/ Ermelinda Berberi |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Name: | Ermelinda Berberi |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Title | Executive Vice President, Chief Financial Officer and Treasurer |

---

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## Exhibit 99.1

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

---

**Paramount Announces Third Quarter 2025 Results**

*–* Leases over 1,236,000 square feet through September *–*

**NEW YORK – October 29, 2025 –** Paramount Group, Inc. (NYSE: PGRE) ("Paramount" or the "Company") filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 today and reported results for the third quarter.

**Proposed Merger**

On September 17, 2025, the Company entered into an agreement to be acquired by Rithm Capital Corp. ("Rithm") for a total cash consideration of approximately $1.6 billion. Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Rithm will acquire all of the outstanding shares of the Company's common stock for $6.60 per fully diluted share. The transaction, which is subject to customary closing conditions, including the approval of the Company's common stockholders, is expected to close in the fourth quarter of 2025. The Company can provide no assurances regarding whether the merger will close when expected, or at all.

**Third Quarter Highlights:** 

*<u>Results of Operations:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported net loss attributable to common stockholders of $28.9 million, or $0.13 per share, for the third quarter of 2025, compared to $9.7 million, or $0.04 per share, for the third quarter of 2024. Net loss attributable to common stockholders for the third quarter of 2025 includes $9.0 million, or $0.04 per share, of transaction related costs relating to the proposed merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported Core Funds from Operations ("Core FFO") attributable to common stockholders of $31.5 million, or $0.14 per share, for the third quarter of 2025, compared to $40.5 million, or $0.19 per share, for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported a 8.0% decrease in Same Store Cash Net Operating Income ("NOI") and a 12.0% decrease in Same Store NOI in the third quarter of 2025, compared to the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leased 547,812 square feet, of which the Company's share was 481,246 square feet that was leased at a weighted average initial rent of $82.45 per square foot. Of the 547,812 square feet leased, 130,756 square feet represented the Company's share of second generation space<sup>(1)</sup>, for which mark-to-markets were 13.9% on a GAAP basis and 6.4% on a cash basis.

*<u>Capital Markets Activity:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On August 5, 2025, the Company completed a $900.0 million refinancing of 1301 Avenue of the Americas. The new five-year interest-only loan has a fixed rate of 6.39% and matures in August 2030. The proceeds from the refinancing were used to repay the existing $860.0 million loan that bore interest at SOFR plus 277 basis points and was scheduled to mature in August 2026. The Company retained proceeds of approximately $26.0 million after the repayment of the existing loan and closing costs.

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<sup>(1)</sup> Second generation space represents space leased in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled expiration.

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![img171336891_0.jpg](img171336891_0.jpg)

**Financial Results**

*<u>Quarter Ended September 30, 2025</u>*

Net loss attributable to common stockholders was $28.9 million, or $0.13 per share, for the third quarter of 2025, compared to $9.7 million, or $0.04 per share, for the third quarter of 2024. Net loss attributable to common stockholders for the third quarter of 2025 includes $9.0 million, or $0.04 per share, of transaction related costs relating to the proposed merger.

Funds from Operations ("FFO") attributable to common stockholders was $17.1 million, or $0.08 per share, for the third quarter of 2025, compared to $40.1 million, or $0.18 per share, for the third quarter of 2024. FFO attributable to common stockholders for the third quarter of 2025 includes $9.0 million, or $0.04 per share, of transaction related costs relating to the proposed merger. FFO attributable to common stockholders for the third quarters of 2025 and 2024 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 third quarter of 2025 and 2024 by $14.4 million and $0.4 million, respectively, or $0.06 and $0.01 per share, respectively.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $31.5 million, or $0.14 per share, for the third quarter of 2025, compared to $40.5 million, or $0.19 per share, for the third quarter of 2024.

*<u>Nine Months Ended September 30, 2025</u>*

Net loss attributable to common stockholders was $58.8 million, or $0.27 per share, for the nine months ended September 30, 2025, compared to $7.6 million, or $0.04 per share, for the nine months ended September 30, 2024. Net loss attributable to common stockholders for the nine months ended September 30, 2025 includes (i) $9.6 million, or $0.04 per share, of transaction related costs relating to the proposed merger, and (ii) $7.5 million, or $0.03 per share, of expense relating to acceleration of equity awards and severance payments. Net loss attributable to common stockholders for the nine months ended September 30, 2024 includes a $14.1 million, or $0.07 per share, non-cash gain on extinguishment of a tax liability related to the Company's initial public offering.

FFO attributable to common stockholders was $81.0 million, or $0.37 per share, for the nine months ended September 30, 2025, compared to $142.6 million, or $0.66 per share, for the nine months ended September 30, 2024. FFO attributable to common stockholders for the nine months ended September 30, 2025 includes (i) $9.6 million, or $0.04 per share, of transaction related costs relating to the proposed merger, and (ii) $7.5 million, or $0.03 per share, of expense relating to acceleration of equity awards and severance payments. FFO attributable to common stockholders for the nine months ended September 30, 2024 includes a $14.1 million, or $0.07 per share, non-cash gain on extinguishment of a tax liability related to the Company's initial public offering. FFO attributable to common stockholders for the nine months ended September 30, 2025 and 2024 also includes the impact of other non-core items, which are listed in the table on page 9. The aggregate of the non-core items, net of amounts attributable to noncontrolling interests, decreased FFO attributable to common stockholders for the nine months ended September 30, 2025 by $25.3 million, or $0.11 per share, and increased FFO attributable to common stockholders for the nine months ended September 30, 2024 by $10.7 million, or $0.05 per share.

Core FFO attributable to common stockholders, which excludes the impact of the non-core items listed on page 9, was $106.3 million, or $0.48 per share, for the nine months ended September 30, 2025, compared to $131.9 million, or $0.61 per share, for the nine months ended September 30, 2024.

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![img171336891_0.jpg](img171336891_0.jpg)

**Portfolio Operations**

*<u>Quarter Ended September 30, 2025</u>*

Same Store Cash NOI decreased by $6.5 million, or 8.0%, to $74.9 million for the third quarter of 2025 from $81.4 million for the third quarter of 2024. Same Store NOI decreased by $10.5 million, or 12.0%, to $76.9 million for the third quarter of 2025 from $87.4 million for the third quarter of 2024.

During the third quarter of 2025, the Company leased 547,812 square feet, of which the Company's share was 481,246 square feet that was leased at a weighted average initial rent of $82.45 per square foot. This leasing activity, partially offset by lease expirations in the quarter, increased same store leased occupancy by 430 basis points to 89.7% at September 30, 2025 from 85.4% at June 30, 2025.

Of the 547,812 square feet leased in the third quarter, 130,756 square feet represented the Company's share of second generation space for which mark-to-markets were 13.9% on a GAAP basis and 6.4% on a cash basis. The weighted average lease term for leases signed during the third quarter was 13.2 years and weighted average tenant improvements and leasing commissions on these leases were $13.13 per square foot per annum, or 15.9% of initial rent.

*<u>Nine Months Ended September 30, 2025</u>*

Same Store Cash NOI decreased by $9.7 million, or 3.8%, to $243.6 million for the nine months ended September 30, 2025 from $253.3 million for the nine months ended September 30, 2024. Same Store NOI decreased by $19.5 million, or 7.3%, to $248.5 million for the nine months ended September 30, 2025 from $268.0 million for the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, the Company leased 1,236,396 square feet, of which the Company's share was 923,314 square feet that was leased at a weighted average initial rent of $83.87 per square foot. This leasing activity, partially offset by lease expirations in the nine months, including the scheduled expiration of Google's lease in April 2025 at One Market Plaza in the Company's San Francisco portfolio, increased same store leased occupancy by 490 basis points to 89.7% at September 30, 2025 from 84.8% at December 31, 2024.

Of the 1,236,396 square feet leased in the nine months, 417,702 square feet represented the Company's share of second generation space for which mark-to-markets were 6.6% on a GAAP basis and negative 1.4% on a cash basis. The weighted average lease term for leases signed during the nine months was 13.1 years and weighted average tenant improvements and leasing commissions on these leases were $13.93 per square foot per annum, or 16.6% of initial rent.

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![img171336891_0.jpg](img171336891_0.jpg)

**Guidance**

In light of the pending merger transaction with Rithm, the Company will not be hosting a conference call to discuss the third quarter results or providing an update to previously issued guidance.

**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 risks associated with our ability to obtain the stockholder approval required to consummate the proposed transaction with Rithm and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transaction would not occur; the outcome of any legal proceedings that may be instituted against the parties and others related to the proposed transaction; the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; unanticipated difficulties or expenditures relating to the proposed transaction, including the impact of the transaction on the Company's business, the response of business partners and competitors to the announcement of the proposed transaction, potential difficulties with our ability to retain and hire key personnel and maintain relationships with tenants and other third parties as a result of the proposed transaction, and/or other potential difficulties in employee retention as a result of the announcement and pendency of the transaction; the ability to enter into new leases or renew leases on favorable terms; dependence on tenants' financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates; 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 tariffs, geopolitical tensions and elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of 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; 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. All forward-looking statements are made only as of the date of this press release. 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_0.jpg](img171336891_0.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 accounting principles generally accepted in the United States of America ("GAAP"), adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. In addition, we present Core FFO as an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs, gains or losses on early extinguishment of debt and other non-core adjustments, 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 include property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also use 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. 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 the property level.

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

A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in this press release and in our Supplemental Information for the quarter ended September 30, 2025, which is available on our website.

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![img171336891_0.jpg](img171336891_0.jpg)

**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:**

Ermelinda BerberiExecutive Vice President, Chief Financial Officer<br>and Treasurer 212-237-3113ir@pgre.com Tom HennessyVice President, Investor Relations andBusiness Development212-237-3138ir@pgre.com

**Media:**

212-492-2285

pr@pgre.com

**Additional Information and Where to Find It:**

The proposed transaction is expected to be submitted to the Company's stockholders for their consideration and approval at a special meeting. In connection with the proposed transaction, Paramount has filed with the Securities and Exchange Commission ("SEC") a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. This document is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and any other documents filed by the Company with the SEC (when available) may be obtained free of charge at the SEC's website at www.sec.gov or by accessing the Investor Relations section of the Company's website at https://www.pgre.com or by contacting the Company's Investor Relations by email at ir@pgre.com.

**Participants in the Solicitation:**

The Company and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed transaction. Information about the Company's directors and executive officers and their ownership of the Company's securities is set forth in Paramount's proxy statement on Schedule 14A for its 2025 annual meeting of stockholders, filed with the SEC on April 3, 2025, and subsequent documents filed with the SEC.

Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available.

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![img171336891_0.jpg](img171336891_0.jpg)

**Paramount Group, Inc.**

**Consolidated Balance Sheets**

(Unaudited and in thousands)

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| | | |
|:---|:---|:---|
| **Assets:** | **September 30, 2025** | **December 31, 2024** |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $1966237 | $1966237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 6384243 | 6325097 |
|  | 8350480 | 8291334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (1737783) | (1639529) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate, net | 6612697 | 6651805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 330207 | 375056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 324150 | 180391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | 26582 | 18229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated real estate related funds | 4416 | 4649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated joint ventures | 81509 | 85952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred rent receivable | 352906 | 356425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred charges, net | 126587 | 100684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 41093 | 50492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 74348 | 47820 |
| **Total assets** | $**7974495** | $**7871503** |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes and mortgages payable, net | $3711504 | $3676630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 138689 | 119881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, net | 16541 | 20870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 31473 | 44625 |
| **Total liabilities** | **3898207** | **3862006** |
| **Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Group, Inc. equity | 3023937 | 3141277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated joint ventures | 744813 | 495340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated real estate related funds | 85431 | 82875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | 222107 | 290005 |
| **Total equity** | **4076288** | **4009497** |
| **Total liabilities and equity** | $**7974495** | $**7871503** |

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![img171336891_0.jpg](img171336891_0.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 Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Rental revenue | $164687 | $184235 | $511741 | $543636 |
| &nbsp;&nbsp;Fee and other income | 8272 | 10664 | 25282 | 27548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 172959 | 194899 | 537023 | 571184 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Operating | 79392 | 80316 | 232326 | 226248 |
| &nbsp;&nbsp;Depreciation and amortization | 57766 | 60071 | 176707 | 182920 |
| &nbsp;&nbsp;General and administrative | 16340 | 16672 | 58112 | 49938 |
| &nbsp;&nbsp;Transaction related costs | 9981 | 242 | 10840 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 163479 | 157301 | 477985 | 459949 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Loss from real estate related fund investments | (18) | (22) | (67) | (92) |
| &nbsp;&nbsp;Income (loss) from unconsolidated real estate related funds | 71 | 109 | (79) | 199 |
| &nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 661 | (981) | 2620 | (3098) |
| &nbsp;&nbsp;Interest and other income, net | 3112 | 3517 | 10953 | 26830 |
| &nbsp;&nbsp;Interest and debt expense | (44419) | (43805) | (129903) | (124078) |
| (Loss) income before income taxes | (31113) | (3584) | (57438) | 10996 |
| &nbsp;&nbsp;Income tax benefit (expense) | 831 | (619) | 1430 | (1328) |
| Net (loss) income | (30282) | (4203) | (56008) | 9668 |
| Less net (income) loss attributable to noncontrolling interests in: | Less net (income) loss attributable to noncontrolling interests in: |  |  |  |
| &nbsp;&nbsp;Consolidated joint ventures | (279) | (6959) | (5095) | (18434) |
| &nbsp;&nbsp;Consolidated real estate related funds | (688) | 581 | (2556) | 408 |
| &nbsp;&nbsp;Operating Partnership | 2302 | 893 | 4901 | 716 |
| **Net loss attributable to common stockholders** | $**(28947)** | $**(9688)** | $**(58758)** | $**(7642)** |
| **Loss per Common Share:** |  |  |  |  |
| &nbsp;&nbsp;Basic | $(0.13) | $(0.04) | $(0.27) | $(0.04) |
| &nbsp;&nbsp;Diluted | $(0.13) | $(0.04) | $(0.27) | $(0.04) |
| **Weighted average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 220512867 | 217314706 | 219254194 | 217208809 |
| &nbsp;&nbsp;Diluted | 220512867 | 217314706 | 219254194 | 217208809 |

---

------

![img171336891_0.jpg](img171336891_0.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 Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of net (loss) income to FFO and Core FFO:** |  |  |  |  |
| **Net (loss) income** | $**(30282)** | $**(4203)** | $**(56008)** | $**9668** |
| Real estate depreciation and amortization (including our<br>&nbsp;&nbsp;&nbsp;&nbsp;share of unconsolidated joint ventures) | 60796 | 63487 | 185811 | 192946 |
| Amounts attributable to noncontrolling interests in<br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures and real estate related funds | (12041) | (15511) | (41822) | (46981) |
| FFO attributable to the Operating Partnership | 18473 | 43773 | 87981 | 155633 |
| Amounts attributable to noncontrolling interests in the<br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (1361) | (3695) | (6999) | (13079) |
| FFO attributable to common stockholders | $17112 | $40078 | $80982 | $142554 |
| Per diluted share | $0.08 | $0.18 | $0.37 | $0.66 |
| FFO attributable to the Operating Partnership | $18473 | $43773 | $87981 | $155633 |
| *Adjustments for non-core items:* |  |  |  |  |
| Transaction related costs | 9981 | 242 | 10840 | 843 |
| Write-off of deferred financing costs | 2257 | - | 4008 | - |
| Severance costs | - | - | 8188 | - |
| Non-cash gain on extinguishment of IPO related<br>&nbsp;&nbsp;&nbsp;&nbsp;tax liability | - | - | - | (15437) |
| Other, net | 3304 | 244 | 4396 | 2959 |
| Core FFO attributable to the Operating Partnership | 34015 | 44259 | 115413 | 143998 |
| Amounts attributable to noncontrolling interests in the<br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (2506) | (3736) | (9086) | (12109) |
| **Core FFO attributable to common stockholders** | $**31509** | $**40523** | $**106327** | $**131889** |
| **Per diluted share** | $**0.14** | $**0.19** | $**0.48** | $**0.61** |
| **Reconciliation of weighted average shares outstanding:** |  |  |  |  |
| Weighted average shares outstanding | 220512867 | 217314706 | 219254194 | 217208809 |
| Effect of dilutive securities | 41597 | 14505 | 34657 | 36985 |
| Denominator for FFO and Core FFO per diluted share | 220554464 | 217329211 | 219288851 | 217245794 |

---

------

![img171336891_0.jpg](img171336891_0.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 Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of net (loss) income to Same Store NOI<br>&nbsp;&nbsp;&nbsp;&nbsp;and Same Store Cash NOI:** |  |  |  |  |
| **Net (loss) income** | $**(30282)** | $**(4203)** | $**(56008)** | $**9668** |
| *Adjustments to arrive at NOI:* |  |  |  |  |
| Fee income | (4124) | (6776) | (13369) | (17328) |
| Depreciation and amortization | 57766 | 60071 | 176707 | 182920 |
| General and administrative | 16340 | 16672 | 58112 | 49938 |
| Transaction related costs | 9981 | 242 | 10840 | 843 |
| (Income) loss from unconsolidated joint ventures | (661) | 981 | (2620) | 3098 |
| NOI from unconsolidated joint ventures<br>&nbsp;&nbsp;&nbsp;&nbsp;(excluding One Steuart Lane) | 4743 | 5384 | 14706 | 16611 |
| Interest and other income, net | (3112) | (3517) | (10953) | (26830) |
| Interest and debt expense | 44419 | 43805 | 129903 | 124078 |
| Income tax (benefit) expense | (831) | 619 | (1430) | 1328 |
| Other, net | (53) | (87) | 146 | (107) |
| Amounts attributable to noncontrolling interests in<br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures | (18686) | (23723) | (61385) | (70532) |
| PGRE's share of NOI | 75500 | 89468 | 244649 | 273687 |
| *Non-same store adjustments:* |  |  |  |  |
| Dispositions <sup>(1)</sup> | - | (3342) | - | (7516) |
| Other, net (including lease termination income) | 1351 | 1231 | 3807 | 1861 |
| **PGRE's share of Same Store NOI** | $**76851** | $**87357** | $**248456** | $**268032** |
| PGRE's share of NOI | $75500 | $89468 | $244649 | $273687 |
| *Adjustments to arrive at Cash NOI:* |  |  |  |  |
| Straight-line rent (including our share of unconsolidated<br>&nbsp;&nbsp;&nbsp;&nbsp;joint ventures) | (1065) | (2191) | 4072 | (6694) |
| Amortization of above and below-market leases, net<br>&nbsp;&nbsp;&nbsp;&nbsp;(including our share of unconsolidated joint ventures) | (1245) | (1697) | (4275) | (5304) |
| Amounts attributable to noncontrolling interests in<br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures | 314 | (1470) | (4589) | (2059) |
| PGRE's share of Cash NOI | 73504 | 84110 | 239857 | 259630 |
| *Non-same store adjustments:* |  |  |  |  |
| Dispositions <sup>(1)</sup> | - | (3817) | - | (8154) |
| Other, net (including lease termination income) | 1387 | 1125 | 3771 | 1826 |
| **PGRE's share of Same Store Cash NOI** | $**74891** | $**81418** | $**243628** | $**253302** |

---

------

<sup>(1)</sup> Represents an adjustment to prior period's NOI and Cash NOI to account for the 45.0% sale of 900 Third Avenue in January 2025 and the 25.0% sale of One Front Street in May 2025.

------

## Exhibit 99.2

**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 risks associated with our ability to obtain the stockholder approval required to consummate the proposed transaction with Rithm and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transaction would not occur; the outcome of any legal proceedings that may be instituted against the parties and others related to the proposed transaction; the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; unanticipated difficulties or expenditures relating to the proposed transaction, including the impact of the transaction on our business, the response of business partners and competitors to the announcement of the proposed transaction, potential difficulties with our ability to retain and hire key personnel and maintain relationships with tenants and other third parties as a result of the proposed transaction, and/or other potential difficulties in employee retention as a result of the announcement and pendency of the transaction; the ability to enter into new leases or renew leases on favorable terms; dependence on tenants' financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates; 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 tariffs, geopolitical tensions and elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of 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; 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. All forward-looking statements are made only as of October 29, 2025. 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.

------

---

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

---

---

| | |
|:---|:---|
|  | **Page** |
| **Overview** |  |
| [Company Profile](#companyprofile) | 4 |
| [Guidance and Additional Information](#guidance) | 5 |
| **Selected Financial Information** |  |
| [Financial Highlights](#financial_highlights) | 6 |
| [Consolidated Balance Sheets](#consolidated_balance_sheets) | 7 |
| [Consolidated Statements of Income](#consolidated_statements_of_income) | 8 |
| [Select Income Statement Data](#select1) | 9 |
| [Funds From Operations ("FFO")](#ffo) | 10 |
| [Funds Available for Distribution ("FAD")](#fad) | 11 |
| [Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")](#ebitda) | 12 |
| [Net Operating Income ("NOI")](#noi) | 13 - 15 |
| [Same Store NOI (by Reportable Segment)](#sscashnoiqtd) | 16 - 19 |
| **Joint Ventures** |  |
| [Consolidated Joint Ventures](#cjvbs) | 20 - 25 |
| [Unconsolidated Joint Ventures](#unconsolidated_joint_ventures) | 26 - 31 |
| **Debt and Capitalization Data** |  |
| [Capital Structure](#capital_structure) | 32 |
| [Debt Summary](#debt_maturities) | 33 |
| **Selected Property Data** |  |
| [Portfolio Summary](#portfolio_summary) | 34 - 36 |
| [Top Tenants and Industry Diversification](#toptenants1) | 37 |
| [Leasing Activity](#leasing_qtd) | 38 - 39 |
| [Lease Expirations](#lease_expirations) | 40 - 42 |
| [Capital Expenditures (Cash Basis)](#capex_qtd) | 43 - 44 |
| [**Research Coverage**](#research_coverage) | 45 |
| [**Definitions**](#definitions) | 46 - 47 |

---

------

---

| | |
|:---|:---|
| ![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.

**MANAGEMENT**

---

| | |
|:---|:---|
| Albert Behler | Chairman, Chief Executive Officer and President |
| Ermelinda Berberi | Executive Vice President, Chief Financial Officer and Treasurer |
| Peter Brindley | Executive Vice President, Head of Real Estate |
| Timothy Dembo | Senior Vice President, General Counsel and Secretary |
| Bhavesh Raval | Senior Vice President, Chief Accounting Officer |

---

**BOARD OF DIRECTORS**

---

| | |
|:---|:---|
| Albert Behler | Director, Chairman of the Board |
| Frederic Arndts | Director |
| Martin Bussmann | Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee |
| Karin Klein | Director |
| Mark Patterson | Director |
| Hitoshi Saito | Director |
| Paula Sutter | Director, Chair of Audit Committee |
| Greg Wright | Director, Chair of Compensation Committee |

---

**COMPANY INFORMATION**

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Headquarters** | **Investor Relations** | **Stock Exchange Listing** | **Trading Symbol** |
| &nbsp;&nbsp;1633 Broadway | &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) | **GUIDANCE AND ADDITIONAL INFORMATION** |

---

As previously announced, on September 17, 2025, the Company entered into an agreement to be acquired by Rithm Capital Corp. ("Rithm") for a total cash consideration of approximately $1.6 billion. Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Rithm will acquire all of the outstanding shares of the Company's common stock for $6.60 per fully diluted share. The transaction, which is subject to customary closing conditions, including the approval of the Company's common stockholders, is expected to close in the fourth quarter of 2025. The Company can provide no assurances regarding whether the merger will close when expected, or at all. In light of the pending transaction, the Company will not be providing an update to previously issued guidance and will not be hosting a conference call to discuss the results for the three months ended September 30, 2025.

**Additional Information and Where to Find It:**

The proposed transaction is expected to be submitted to the Company's stockholders for their consideration and approval at a special meeting. In connection with the proposed transaction, Paramount has filed with the Securities and Exchange Commission ("SEC") a preliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. This document is not a substitute for the proxy statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT THE COMPANY FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and any other documents filed by the Company with the SEC (when available) may be obtained free of charge at the SEC's website at www.sec.gov or by accessing the Investor Relations section of the Company's website at https://www.pgre.com or by contacting the Company's Investor Relations by email at ir@pgre.com.

**Participants in the Solicitation:**

The Company and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed transaction. Information about the Company's directors and executive officers and their ownership of the Company's securities is set forth in Paramount's proxy statement on Schedule 14A for its 2025 annual meeting of stockholders, filed with the SEC on April 3, 2025, and subsequent documents filed with the SEC.

Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available.

------

---

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

---

(unaudited and in thousands, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **SELECTED FINANCIAL DATA** | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Net loss per share - basic and diluted | $(0.13) | $(0.04) | $(0.09) | $(0.27) | $(0.04) |
| Core FFO <sup>(1)</sup> per share - diluted | $0.14 | $0.19 | $0.17 | $0.48 | $0.61 |
| PGRE's share of Adjusted EBITDAre <sup>(1)</sup> | $69780 | $82878 | $75387 | $223074 | $251831 |
| PGRE's share of Cash NOI <sup>(1)</sup> | $73504 | $84110 | $82676 | $239857 | $259630 |
| PGRE's share of NOI <sup>(1)</sup> | $75500 | $89468 | $82361 | $244649 | $273687 |

---

---

| | | |
|:---|:---|:---|
| Same Store % Change | Same Store<br>Cash NOI <sup>(1)</sup> | Same Store <br>NOI <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended September 30, 2025 vs. 2024 | (8.0%) | (12.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, 2025 vs. 2024 | (3.8%) | (7.3%) |

---

**PORTFOLIO STATISTICS (at PGRE's Share)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **% Change** | **% Change** | **% Change** |
|  |  |  |  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **2025** | **2025** | **2024** | **2024** | **vs.** | **vs.** | **vs.** |
| **Same Store Leased %** <sup>(1)</sup> | **September 30,** | **June 30,** | **December 31,** | **September 30,** | **June 30, 2025** | **December 31, 2024** | **September 30, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;New York | 93.8% | 88.1% | 85.0% | 85.0% | 5.7% | 8.8% | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco | 74.4% | 75.1% | 83.8% | 83.6% | (0.7%) | (9.4%) | (9.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average | 89.7% | 85.4% | 84.8% | 84.7% | 4.3% | 4.9% | 5.0% |

---

**COMMON SHARE DATA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Share Price:** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| High | $7.85 | $6.62 | $5.09 | $5.44 | $5.47 |
| Low | $5.75 | $3.75 | $3.96 | $4.59 | $4.49 |
| Closing (end of period) | $6.54 | $6.10 | $4.30 | $4.94 | $4.92 |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| **Assets:** |  |  |  |  |  |
| Real estate, at cost: |  |  |  |  |  |
| Land | $1966237 | $1966237 | $1966237 | $1966237 | $1966237 |
| Buildings and improvements | 6384243 | 6351241 | 6348260 | 6325097 | 6290976 |
|  | 8350480 | 8317478 | 8314497 | 8291334 | 8257213 |
| Accumulated depreciation and amortization | (1737783) | (1692997) | (1675242) | (1639529) | (1596069) |
| Real estate, net | 6612697 | 6624481 | 6639255 | 6651805 | 6661144 |
| Cash and cash equivalents | 330207 | 439905 | 426952 | 375056 | 318725 |
| Restricted cash | 324150 | 219660 | 187055 | 180391 | 173510 |
| Accounts and other receivables | 26582 | 23824 | 20496 | 18229 | 18662 |
| Investments in unconsolidated real estate related funds | 4416 | 4397 | 4678 | 4649 | 4607 |
| Investments in unconsolidated joint ventures | 81509 | 84501 | 81142 | 85952 | 128919 |
| Deferred rent receivable | 352906 | 351331 | 355581 | 356425 | 355555 |
| Deferred charges, net | 126587 | 116913 | 106306 | 100684 | 103858 |
| Intangible assets, net | 41093 | 43724 | 46983 | 50492 | 54125 |
| Other assets | 74348 | 49977 | 79030 | 47820 | 71847 |
| **Total assets** | $**7974495** | $**7958713** | $**7947478** | $**7871503** | $**7890952** |
| **Liabilities:** |  |  |  |  |  |
| Notes and mortgages payable, net | $3711504 | $3680857 | $3678893 | $3676630 | $3674367 |
| Accounts payable and accrued expenses | 138689 | 115688 | 114074 | 119881 | 114808 |
| Intangible liabilities, net | 16541 | 17804 | 19301 | 20870 | 22465 |
| Other liabilities | 31473 | 41966 | 34279 | 44625 | 27906 |
| **Total liabilities** | 3898207 | 3856315 | 3846547 | 3862006 | 3839546 |
| **Equity:** |  |  |  |  |  |
| Paramount Group, Inc. equity | 3023937 | 3028442 | 3087151 | 3141277 | 3173867 |
| Noncontrolling interests in: |  |  |  |  |  |
| Consolidated joint ventures | 744813 | 743127 | 664249 | 495340 | 492135 |
| Consolidated real estate related funds | 85431 | 84743 | 84644 | 82875 | 92759 |
| Operating Partnership | 222107 | 246086 | 264887 | 290005 | 292645 |
| **Total equity** | 4076288 | 4102398 | 4100931 | 4009497 | 4051406 |
| **Total liabilities and equity** | $**7974495** | $**7958713** | $**7947478** | $**7871503** | $**7890952** |

---

------

---

| | |
|:---|:---|
| ![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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| **Revenues:** |  |  |  |  |  |
| Rental revenue <sup>(1)</sup> | $164687 | $184235 | $168033 | $511741 | $543636 |
| Fee and other income <sup>(1)</sup> | 8272 | 10664 | 9012 | 25282 | 27548 |
| Total revenues | 172959 | 194899 | 177045 | 537023 | 571184 |
| **Expenses:** |  |  |  |  |  |
| Operating | 79392 | 80316 | 74884 | 232326 | 226248 |
| Depreciation and amortization | 57766 | 60071 | 60062 | 176707 | 182920 |
| General and administrative <sup>(1)</sup> | 16340 | 16672 | 24311 | 58112 | 49938 |
| Transaction related costs | 9981 | 242 | 709 | 10840 | 843 |
| Total expenses | 163479 | 157301 | 159966 | 477985 | 459949 |
| **Other income (expense):** |  |  |  |  |  |
| Loss from real estate related fund investments | (18) | (22) | (23) | (67) | (92) |
| Income (loss) from unconsolidated real estate <br> related funds | 71 | 109 | (224) | (79) | 199 |
| Income (loss) from unconsolidated joint ventures | 661 | (981) | 52 | 2620 | (3098) |
| Interest and other income, net | 3112 | 3517 | 4026 | 10953 | 26830<br> <sup>(2)</sup> |
| Interest and debt expense <sup>(3)</sup> | (44419) | (43805) | (42284) | (129903) | (124078) |
| (Loss) income before income taxes | (31113) | (3584) | (21374) | (57438) | 10996 |
| Income tax benefit (expense) | 831 | (619) | 965 | 1430 | (1328) |
| Net (loss) income | (30282) | (4203) | (20409) | (56008) | 9668 |
| Less net (income) loss attributable to noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp;interests in: |  |  |  |  |  |
| Consolidated joint ventures | (279) | (6959) | (971) | (5095) | (18434) |
| Consolidated real estate related funds | (688) | 581 | (99) | (2556) | 408 |
| Operating Partnership | 2302 | 893 | 1694 | 4901 | 716 |
| **Net loss attributable to common stockholders** | $**(28947)** | $**(9688)** | $**(19785)** | $**(58758)** | $**(7642)** |
| **Per diluted share** | $**(0.13)** | $**(0.04)** | $**(0.09)** | $**(0.27)** | $**(0.04)** |

---

------

<sup>(1)</sup> See page 9 for details.

<sup>(2)</sup> Includes a $15,437 non-cash gain on extinguishment of an IPO related tax liability.

<sup>(3)</sup> Includes $2,257 in the three and nine months ended September 30, 2025 of expense from the non-cash write-off of deferred financing costs in connection with the refinancing of 1301 Avenue of the Americas, $462 in the three months ended June 30, 2025 and $1,751 in the nine months ended September 30, 2025, of expense from the non-cash write-off of deferred financing costs in connection with the modification and termination of our revolving credit facility.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Rental Revenue:** | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Property rentals | $146087 | $153732 | $155344 | $460635 | $468505 |
| Tenant reimbursements | 16277 | 25913 | 14831 | 48776 | 62278 |
| Straight-line rent adjustments | 1172 | 1982 | (4126) | (3426) | 5300 |
| Amortization of above and below-market leases, net | 1151 | 1379 | 1376 | 3980 | 4351 |
| Lease termination income | - | 1229 | 608 | 1776 | 3202 |
| **Total rental revenue** | $**164687** | $**184235** | $**168033** | $**511741** | $**543636** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Fee and Other Income:** | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Asset management | $1944 | $2134 | $1911 | $5724 | $6756 |
| Property management | 1280 | 1695 | 1386 | 4179 | 5096 |
| Acquisition, disposition, leasing and other | 900 | 2947 | 923 | 3466 | 5476 |
| Total fee income | 4124 | 6776 | 4220 | 13369 | 17328 |
| Other (primarily parking income and tenant requested services,<br>&nbsp;&nbsp;&nbsp;&nbsp;including cleaning and overtime heating and cooling) | 4148 | 3888 | 4792 | 11913 | 10220 |
| **Total fee and other income** | $**8272** | $**10664** | $**9012** | $**25282** | $**27548** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **General and administrative:** | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| Cash general and administrative | $13691 | $12299 | $12701 | $40101 | $34303 |
| Non-cash general and administrative - stock-based<br>&nbsp;&nbsp;&nbsp;&nbsp;compensation expense | 2649 | 4373 | 3422 | 9823 | 15635 |
| Severance costs <sup>(1)</sup> | - | - | 8188 | 8188 | - |
| **Total general and administrative** | $**16340** | $**16672** | $**24311** | $**58112** | $**49938** |

---

------

<sup>(1)</sup> Includes $3,750 of cash payments and $4,438 of non-cash expense in connection with the accelerated vesting of equity awards.

------

---

| | |
|:---|:---|
| ![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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| **Reconciliation of net (loss) income to FFO and Core FFO:** |  |  |  |  |  |
| **Net (loss) income** | $**(30282)** | $**(4203)** | $**(20409)** | $**(56008)** | $**9668** |
| Real estate depreciation and amortization (including our share of<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures) | 60796 | 63487 | 63113 | 185811 | 192946 |
| Amounts attributable to noncontrolling interests in consolidated<br>&nbsp;&nbsp;&nbsp;&nbsp;joint ventures and real estate related funds | (12041) | (15511) | (13404) | (41822) | (46981) |
| FFO attributable to the Operating Partnership | 18473 | 43773 | 29300 | 87981 | 155633 |
| Amounts attributable to noncontrolling interests in the<br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (1361) | (3695) | (2310) | (6999) | (13079) |
| **FFO attributable to common stockholders** <sup>(1)</sup> | $**17112** | $**40078** | $**26990** | $**80982** | $**142554** |
| &nbsp;&nbsp;&nbsp;**Per diluted share** | $**0.08** | $**0.18** | $**0.12** | $**0.37** | $**0.66** |
| FFO attributable to the Operating Partnership | $18473 | $43773 | $29300 | $87981 | $155633 |
| *Adjustments for non-core items:* |  |  |  |  |  |
| Transaction related costs | 9981 | 242 | 709 | 10840 | 843 |
| Write-off of deferred financing costs | 2257 | - | 462 | 4008 | - |
| Severance costs | - | - | 8188 | 8188 | - |
| Non-cash gain on extinguishment of IPO related tax liability | - | - | - | - | (15437) |
| Other, net | 3304 | 244 | 1429 | 4396 | 2959 |
| Core FFO attributable to the Operating Partnership | 34015 | 44259 | 40088 | 115413 | 143998 |
| Amounts attributable to noncontrolling interests in the<br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | (2506) | (3736) | (3161) | (9086) | (12109) |
| **Core FFO attributable to common stockholders** <sup>(1)</sup> | $**31509** | $**40523** | $**36927** | $**106327** | $**131889** |
| &nbsp;&nbsp;&nbsp;**Per diluted share** | $**0.14** | $**0.19** | $**0.17** | $**0.48** | $**0.61** |
| **Reconciliation of weighted average shares outstanding:** |  |  |  |  |  |
| Weighted average shares outstanding | 220512867 | 217314706 | 219216715 | 219254194 | 217208809 |
| Effect of dilutive securities | 41597 | 14505 | 25422 | 34657 | 36985 |
| Denominator for FFO and Core FFO per diluted share | 220554464 | 217329211 | 219242137 | 219288851 | 217245794 |

---

------

<sup>(1)</sup> See page 46 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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| **Reconciliation of Core FFO to FAD:** |  |  |  |  |  |
| Core FFO attributable to the Operating Partnership | $34015 | $44259 | $40088 | $115413 | $143998 |
| *Adjustments to arrive at FAD (including our share of<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures):* |  |  |  |  |  |
| Straight-line rent | (1065) | (2191) | 4430 | 4072 | (6694) |
| Amortization of above and below-market leases, net | (1245) | (1697) | (1476) | (4275) | (5304) |
| Amortization of deferred financing costs | 2465 | 2703 | 2372 | 7264 | 7849 |
| Amortization of stock-based compensation expense | 2649 | 4373 | 3422 | 9823 | 15635 |
| Expenditures to maintain assets | (21934) | (13035) | (13300) | (47281) | (33161) |
| Second generation tenant improvements<br>&nbsp;&nbsp;&nbsp;&nbsp;and leasing commissions | (29289) | (11591) | (35903) | (101149) | (48775) |
| Amounts attributable to noncontrolling interests in<br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures and real estate related funds | 8649 | (940) | 3313 | 13968 | 2689 |
| FAD attributable to the Operating Partnership | (5755) | 21881 | 2946 | (2165) | 76237 |
| Amounts attributable to noncontrolling interests in the<br>&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | 424 | (1847) | (232) | 139 | (6415) |
| **FAD attributable to common stockholders** <sup>(1) (2)</sup> | $**(5331)** | $**20034** | $**2714** | $**(2026)** | $**69822** |
| **Dividends paid on common stock** <sup>(3)</sup> | $**-** | $**7611** | $**-** | $**-** | $**22826** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</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.

<sup>(3)</sup> In September 2024, we suspended our regular quarterly dividend. The decision by our board of directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain financial flexibility. The timing and frequency of future dividends will be authorized by our board of directors, in its sole discretion, depending on a variety of factors, including our financial performance, our debt service requirements, our capital expenditure requirements, the requirements to maintain our qualification as a REIT and other factors that our board of directors may deem relevant from time to time. Under the terms of our merger agreement with Rithm, subject to the restrictions set forth therein, we may not declare discretionary dividends without the prior written consent of Rithm, but we may declare or pay dividends to maintain our qualification as a REIT.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| **Reconciliation of net (loss) income to EBITDAre and<br> Adjusted EBITDAre:** |  |  |  |  |  |
| **Net (loss) income** | $**(30282)** | $**(4203)** | $**(20409)** | $**(56008)** | $**9668** |
| *Adjustments to arrive at EBITDAre (including our share of <br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures):* |  |  |  |  |  |
| Depreciation and amortization | 60796 | 63487 | 63113 | 185811 | 192946 |
| Interest and debt expense | 46684 | 46076 | 44534 | 136658 | 131121 |
| Income tax (benefit) expense | (831) | 620 | (965) | (1422) | 1334 |
| Amounts attributable to noncontrolling interests in<br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures and real estate related funds | (19824) | (23500) | (21171) | (65255) | (71004) |
| **PGRE's share of EBITDAre** <sup>(1)</sup> | $**56543** | $**82480** | $**65102** | $**199784** | $**264065** |
| *Adjustments to arrive at Adjusted EBITDAre:* | *Adjustments to arrive at Adjusted EBITDAre:* | *Adjustments to arrive at Adjusted EBITDAre:* | *Adjustments to arrive at Adjusted EBITDAre:* | *Adjustments to arrive at Adjusted EBITDAre:* | *Adjustments to arrive at Adjusted EBITDAre:* |
| Transaction related costs | 9981 | 242 | 709 | 10840 | 843 |
| Severance costs | - | - | 8188 | 8188 | - |
| Non-cash gain on extinguishment of IPO related<br>&nbsp;&nbsp;&nbsp;&nbsp;tax liability | - | - | - | - | (15437) |
| Other, net | 3256 | 156 | 1388 | 4262 | 2360 |
| **PGRE's share of Adjusted EBITDAre** <sup>(1)</sup> | $**69780** | $**82878** | $**75387** | $**223074** | $**251831** |

---

------

<sup>(1)</sup> See page 46 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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **June 30, 2025** | **September 30, 2025** | **September 30, 2024** |
| **Reconciliation of net (loss) income to NOI and Cash NOI:** | **Reconciliation of net (loss) income to NOI and Cash NOI:** |  |  |  |  |
| **Net (loss) income** | $**(30282)** | $**(4203)** | $**(20409)** | $**(56008)** | $**9668** |
| *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* |
| Fee income | (4124) | (6776) | (4220) | (13369) | (17328) |
| Depreciation and amortization | 57766 | 60071 | 60062 | 176707 | 182920 |
| General and administrative | 16340 | 16672 | 24311 | 58112 | 49938 |
| Transaction related costs | 9981 | 242 | 709 | 10840 | 843 |
| (Income) loss from unconsolidated joint ventures | (661) | 981 | (52) | (2620) | 3098 |
| NOI from unconsolidated joint ventures (excluding <br>&nbsp;&nbsp;&nbsp;&nbsp;One Steuart Lane) | 4743 | 5384 | 5036 | 14706 | 16611 |
| Interest and other income, net | (3112) | (3517) | (4026) | (10953) | (26830) |
| Interest and debt expense | 44419 | 43805 | 42284 | 129903 | 124078 |
| Income tax (benefit) expense | (831) | 619 | (965) | (1430) | 1328 |
| Other, net | (53) | (87) | 247 | 146 | (107) |
| Amounts attributable to noncontrolling interests in <br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures | (18686) | (23723) | (20616) | (61385) | (70532) |
| **PGRE's share of NOI** <sup>(1)</sup> | $**75500** | $**89468** | $**82361** | $**244649** | $**273687** |
| *Adjustments to arrive at Cash NOI:* |  |  |  |  |  |
| Straight-line rent (including our share of unconsolidated <br>&nbsp;&nbsp;&nbsp;&nbsp;joint ventures) | (1065) | (2191) | 4430 | 4072 | (6694) |
| Amortization of above and below-market leases, net<br>&nbsp;&nbsp;&nbsp;&nbsp;(including our share of unconsolidated joint ventures) | (1245) | (1697) | (1476) | (4275) | (5304) |
| Amounts attributable to noncontrolling interests in <br>&nbsp;&nbsp;&nbsp;&nbsp;consolidated joint ventures | 314 | (1470) | (2639) | (4589) | (2059) |
| **PGRE's share of Cash NOI** <sup>(1)</sup> | $**73504** | $**84110** | $**82676** | $**239857** | $**259630** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **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** | $**(30282)** | $**(13413)** | $**4868** | $**(21737)** |
| *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* |  |  |  |
| Fee income | (4124) | - | - | (4124) |
| Depreciation and amortization | 57766 | 40051 | 16672 | 1043 |
| General and administrative | 16340 | - | - | 16340 |
| Transaction related costs | 9981 | - | - | 9981 |
| Income from unconsolidated joint ventures | (661) | (59) | - | (602) |
| NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 4743 | 3156 | 1570 | 17 |
| Interest and other income, net | (3112) | (1216) | (572) | (1324) |
| Interest and debt expense | 44419 | 32430 | 11989 | - |
| Income tax benefit | (831) | - | - | (831) |
| Other, net | (53) | - | - | (53) |
| Amounts attributable to noncontrolling interests in consolidated joint ventures | (18686) | (3340) | (15346) | - |
| **PGRE's share of NOI** <sup>(1)</sup> **for the three months ended September 30, 2025** | $**75500** | $**57609** | $**19181** | $**(1290)** |
| **PGRE's share of NOI** <sup>(1)</sup> **for the three months ended September 30, 2024** | $**89468** | $**61754** | $**28744** | $**(1030)** |
| PGRE's share of NOI for the three months ended September 30, 2025 | $75500 | $57609 | $19181 | $(1290) |
| *Adjustments to arrive at Cash NOI:* |  |  |  |  |
| Straight-line rent (including our share of unconsolidated joint ventures) | (1065) | (231) | (798) | (36) |
| Amortization of above and below-market leases, net (including our share of<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures) | (1245) | (723) | (522) | - |
| Amounts attributable to noncontrolling interests in consolidated joint ventures | 314 | (345) | 659 | - |
| **PGRE's share of Cash NOI** <sup>(1)</sup> **for the three months ended September 30, 2025** | $**73504** | $**56310** | $**18520** | $**(1326)** |
| **PGRE's share of Cash NOI** <sup>(1)</sup> **for the three months ended September 30, 2024** | $**84110** | $**54658** | $**30376** | $**(924)** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **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** | $**(56008)** | $**(34452)** | $**34245** | $**(55801)** |
| *Adjustments to arrive at NOI:* | *Adjustments to arrive at NOI:* |  |  |  |
| Fee income | (13369) | - | - | (13369) |
| Depreciation and amortization | 176707 | 119928 | 53551 | 3228 |
| General and administrative | 58112 | - | - | 58112 |
| Transaction related costs | 10840 | - | - | 10840 |
| Income from unconsolidated joint ventures | (2620) | (178) | - | (2442) |
| NOI from unconsolidated joint ventures (excluding One Steuart Lane) | 14706 | 9620 | 4960 | 126 |
| Interest and other income, net | (10953) | (2861) | (1717) | (6375) |
| Interest and debt expense | 129903 | 92273 | 35397 | 2233 |
| Income tax (benefit) expense | (1430) | 3 | 6 | (1439) |
| Other, net | 146 | - | - | 146 |
| Amounts attributable to noncontrolling interests in consolidated joint ventures | (61385) | (10048) | (51337) | - |
| **PGRE's share of NOI** <sup>(1)</sup> **for the nine months ended September 30, 2025** | $**244649** | $**174285** | $**75105** | $**(4741)** |
| **PGRE's share of NOI** <sup>(1)</sup> **for the nine months ended September 30, 2024** | $**273687** | $**193519** | $**83142** | $**(2974)** |
| PGRE's share of NOI for the nine months ended September 30, 2025 | $244649 | $174285 | $75105 | $(4741) |
| *Adjustments to arrive at Cash NOI:* |  |  |  |  |
| Straight-line rent (including our share of unconsolidated joint ventures) | 4072 | (4117) | 8153 | 36 |
| Amortization of above and below-market leases, net (including our share of<br>&nbsp;&nbsp;&nbsp;&nbsp;unconsolidated joint ventures) | (4275) | (2200) | (2075) | - |
| Amounts attributable to noncontrolling interests in consolidated joint ventures | (4589) | (1184) | (3405) | - |
| **PGRE's share of Cash NOI** <sup>(1)</sup> **for the nine months ended September 30, 2025** | $**239857** | $**166784** | $**77778** | $**(4705)** |
| **PGRE's share of Cash NOI** <sup>(1)</sup> **for the nine months ended September 30, 2024** | $**259630** | $**176475** | $**86094** | $**(2939)** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE CASH NOI** <sup>(1)</sup> | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the three months ended September 30, 2025 | $73504 | $56310 | $18520 | $(1326) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Other, net | 1387 | 29 | 32 | 1326 |
| **PGRE's share of Same Store Cash NOI for the three months ended** |  |  |  |  |
| **September 30, 2025** | $**74891** | $**56339** | $**18552** | $**-** |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the three months ended September 30, 2024 | $84110 | $54658 | $30376 | $(924) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Dispositions <sup>(2)</sup> | (3817) | (1536) | (2281) | - |
| &nbsp;&nbsp;Lease termination income | (1204) | (1179) | (25) | - |
| &nbsp;&nbsp;Other, net | 2329 | 1405 | - | 924 |
| **PGRE's share of Same Store Cash NOI for the three months ended** |  |  |  |  |
| **September 30, 2024** | $**81418** | $**53348** | $**28070** | $**-** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**% (Decrease) increase** | **(8.0** | **%)** | **5.6** | **%** | **(33.9** | **%)**<br><sup>(3)</sup> |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Represents an adjustment to prior period's Cash NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

<sup>(3)</sup> Primarily due to the scheduled expiration of Google's lease in April 2025 at One Market Plaza and a true-up of expense billings in the prior year.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE CASH NOI** <sup>(1)</sup> | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the nine months ended September 30, 2025 | $239857 | $166784 | $77778 | $(4705) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Lease termination income | (1672) | (1627) | (45) | - |
| &nbsp;&nbsp;Other, net | 5443 | 706 | 32 | 4705 |
| **PGRE's share of Same Store Cash NOI for the nine months ended** |  |  |  |  |
| **September 30, 2025** | $**243628** | $**165863** | $**77765** | $**-** |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of Cash NOI for the nine months ended September 30, 2024 | $259630 | $176475 | $86094 | $(2939) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Dispositions <sup>(2)</sup> | (8154) | (4392) | (3762) | - |
| &nbsp;&nbsp;Lease termination income | (3177) | (3152) | (25) | - |
| &nbsp;&nbsp;Other, net | 5003 | 2055 | 9 | 2939 |
| **PGRE's share of Same Store Cash NOI for the nine months ended** |  |  |  |  |
| **September 30, 2024** | $**253302** | $**170986** | $**82316** | $**-** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**% Decrease** | **(3.8** | **%)** | **(3.0** | **%)** | **(5.5** | **%)** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Represents an adjustment to prior period's Cash NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE NOI** <sup>(1)</sup> | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the three months ended September 30, 2025 | $75500 | $57609 | $19181 | $(1290) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Other, net | 1351 | 29 | 32 | 1290 |
| **PGRE's share of Same Store NOI for the three months ended** |  |  |  |  |
| **September 30, 2025** | $**76851** | $**57638** | $**19213** | $**-** |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the three months ended September 30, 2024 | $89468 | $61754 | $28744 | $(1030) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Dispositions <sup>(2)</sup> | (3342) | (1308) | (2034) | - |
| &nbsp;&nbsp;Lease termination income | (1204) | (1179) | (25) | - |
| &nbsp;&nbsp;Other, net | 2435 | 1405 | - | 1030 |
| **PGRE's share of Same Store NOI for the three months ended** |  |  |  |  |
| **September 30, 2024** | $**87357** | $**60672** | $**26685** | $**-** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**% Decrease** | **(12.0** | **%)** | **(5.0** | **%)** | **(28.0** | **%)**<br><sup>(3)</sup> |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Represents an adjustment to prior period's NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

<sup>(3)</sup> Primarily due to the scheduled expiration of Google's lease in April 2025 at One Market Plaza and a true-up of expense billings in the prior year.

------

---

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

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAME STORE NOI** <sup>(1)</sup> | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the nine months ended September 30, 2025 | $244649 | $174285 | $75105 | $(4741) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Lease termination income | (1672) | (1627) | (45) | - |
| &nbsp;&nbsp;Other, net | 5479 | 706 | 32 | 4741 |
| **PGRE's share of Same Store NOI for the nine months ended** |  |  |  |  |
| **September 30, 2025** | $**248456** | $**173364** | $**75092** | $**-** |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Total** | **New York** | **San Francisco** | **Other** |
| PGRE's share of NOI for the nine months ended September 30, 2024 | $273687 | $193519 | $83142 | $(2974) |
| *Non-same store adjustments:* |  |  |  |  |
| &nbsp;&nbsp;Dispositions <sup>(2)</sup> | (7516) | (4165) | (3351) | - |
| &nbsp;&nbsp;Lease termination income | (3177) | (3152) | (25) | - |
| &nbsp;&nbsp;Other, net | 5038 | 2055 | 9 | 2974 |
| **PGRE's share of Same Store NOI for the nine months ended** |  |  |  |  |
| **September 30, 2024** | $**268032** | $**188257** | $**79775** | $**-** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **% Decrease** | **(7.3** | **%)** | **(7.9** | **%)** | **(5.9** | **%)** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Represents an adjustment to prior period's NOI to account for the 45.0% sale of 900 Third Avenue in our New York portfolio and 25.0% sale of One Front Street in our San Francisco portfolio.

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg) | **CONSOLIDATED JOINT VENTURES – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Total Consolidated** | **1633** | **900 Third** | **One Market** | **300 Mission** | **One Front** |
|  | **Joint Ventures** | **Broadway** | **Avenue** <sup>(1)</sup> | **Plaza** | **Street** | **Street** <sup>(2)</sup> |
| **PGRE Ownership** |  | **90.0%** | **55.0%** | **49.0%** | **31.1%** | **75.0%** |
| **Assets:** |  |  |  |  |  |  |
| Real estate, net | $3938898 | $1598994 | $349749 | $1092463 | $450147 | $447545 |
| Cash and cash equivalents | 171674 | 103087 | 15139 | 7117 | 37207 | 9124 |
| Restricted cash | 167984 | 78 | 368 | 167538 | - | - |
| Accounts and other receivables | 14708 | 8805 | 939 | 2479 | 1123 | 1362 |
| Deferred rent receivable | 201373 | 85888 | 12191 | 67676 | 24125 | 11493 |
| Deferred charges, net | 56786 | 18251 | 10570 | 13431 | 7432 | 7102 |
| Intangible assets, net | 22930 | 21076 | 561 | 1293 | - | - |
| Other assets | 25032 | 13871 | 2371 | 6656 | 1057 | 1077 |
| **Total Assets** | $**4599385** | $**1850050** | $**391888** | $**1358653** | $**521091** | $**477703** |
| **Liabilities:** |  |  |  |  |  |  |
| Notes and mortgages payable, net | $2325671 | $1245851 | $- | $847949 | $231871 | $- |
| Accounts payable and accrued expenses | 67998 | 18111 | 3971 | 27375 | 11973 | 6568 |
| Intangible liabilities, net | 10042 | 8321 | 78 | 1128 | - | 515 |
| Other liabilities | 6408 | 971 | 218 | 4792 | 53 | 374 |
| **Total Liabilities** | **2410119** | **1273254** | **4267** | **881244** | **243897** | **7457** |
| **Equity:** |  |  |  |  |  |  |
| Paramount Group, Inc. equity | 1444453 | 518667 | 213191 | 233999 | 85368 | 393228 |
| Noncontrolling interests | 744813 | 58129 | 174430 | 243410 | 191826 | 77018 |
| **Total Equity** | **2189266** | **576796** | **387621** | **477409** | **277194** | **470246** |
| **Total Liabilities and Equity** | $**4599385** | $**1850050** | $**391888** | $**1358653** | $**521091** | $**477703** |

---

------

<sup>(1)</sup> On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue.

<sup>(2)</sup> On May 5, 2025, we sold a 25.0% equity interest in One Front Street.

------

---

| | |
|:---|:---|
| ![img172260412_13.jpg](img172260412_13.jpg) | **CONSOLIDATED JOINT VENTURES – BALANCE SHEETS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** |
| **PGRE Ownership** |  | **90.0%** | **49.0%** | **31.1%** |
| **Assets:** |  |  |  |  |
| Real estate, net | $3199972 | $1630488 | $1112434 | $457050 |
| Cash and cash equivalents | 140806 | 94690 | 13028 | 33088 |
| Restricted cash | 127216 | 78 | 127138 | - |
| Accounts and other receivables | 10056 | 6102 | 2995 | 959 |
| Deferred rent receivable | 192939 | 92753 | 75632 | 24554 |
| Deferred charges, net | 38610 | 19349 | 12477 | 6784 |
| Intangible assets, net | 28569 | 25117 | 2741 | 711 |
| Other assets | 7075 | 803 | 5592 | 680 |
| **Total Assets** | $**3745243** | $**1869380** | $**1352037** | $**523826** |
| **Liabilities:** |  |  |  |  |
| Notes and mortgages payable, net | $2320880 | $1245104 | $844052 | $231724 |
| Accounts payable and accrued expenses | 54820 | 15321 | 27384 | 12115 |
| Intangible liabilities, net | 12581 | 9856 | 2427 | 298 |
| Other liabilities | 5327 | 561 | 4728 | 38 |
| **Total Liabilities** | **2393608** | **1270842** | **878591** | **244175** |
| **Equity:** |  |  |  |  |
| Paramount Group, Inc. equity | 856295 | 538232 | 232058 | 86005 |
| Noncontrolling interests | 495340 | 60306 | 241388 | 193646 |
| **Total Equity** | **1351635** | **598538** | **473446** | **279651** |
| **Total Liabilities and Equity** | $**3745243** | $**1869380** | $**1352037** | $**523826** |

---

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg) | **&nbsp;&nbsp;&nbsp;&nbsp; CONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Total Consolidated** | **1633** | **900 Third** | **One Market** | **300 Mission** | **One Front** |
|  | **Joint Ventures** | **Broadway** | **Avenue** | **Plaza** | **Street** | **Street** |
| Total revenues | $112197 | $50089 | $6068 | $31404 | $12309 | $12327 |
| Total operating expenses | 49250 | 22247 | 3920 | 13716 | 4818 | 4549 |
| Net operating income <sup>(1)</sup> | 62947 | 27842 | 2148 | 17688 | 7491 | 7778 |
| Depreciation and amortization | (33358) | (14129) | (2557) | (10177) | (3866) | (2629) |
| Interest and other income, net | 2236 | 795 | 41 | 297 | 294 | 809 |
| Interest and debt expense | (22620) | (9803) | - | (10158) | (2659) | - |
| **Net income (loss)** | $**9205** | $**4705** | $**(368)** | $**(2350)** | $**1260** | $**5958** |
| **PGRE's share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **55.0%** | **49.0%** | **31.1%** | **75.0%** |
| **Net income (loss)** | $**7726** | $**4224** | $**(203)** | $**(1153)** | $**391** | $**4467** |
| &nbsp;&nbsp;&nbsp;Management fee income | 1200 | 332 | 85 | 185 | 528 | 70 |
| PGRE's share of net income (loss) | 8926 | 4556 | (118) | (968) | 919 | 4537 |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 22284 | 12717 | 1406 | 4987 | 1202 | 1972 |
| **FFO/Core FFO** <sup>(1)</sup> | $**31210** | $**17273** | $**1288** | $**4019** | $**2121** | $**6509** |
| **Noncontrolling interests' share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **45.0%** | **51.0%** | **68.9%** | **25.0%** |
| **Net income (loss)** | $**1479** | $**481** | $**(165)** | $**(1197)** | $**869** | $**1491** |
| &nbsp;&nbsp;&nbsp;Management fee expense | (1200) | (332) | (85) | (185) | (528) | (70) |
| Net income (loss) attributable to noncontrolling interests | 279 | 149 | (250) | (1382) | 341 | 1421 |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 11074 | 1412 | 1151 | 5190 | 2664 | 657 |
| **FFO/Core FFO** <sup>(1)</sup> | $**11353** | $**1561** | $**901** | $**3808** | $**3005** | $**2078** |

---

------

<sup>(1)</sup> See page 46 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg) | **&nbsp;&nbsp;&nbsp;&nbsp; CONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** |
| Total revenues | $107416 | $49418 | $43131 | $14867 |
| Total operating expenses | 39860 | 21752 | 13363 | 4745 |
| Net operating income <sup>(1)</sup> | 67556 | 27666 | 29768 | 10122 |
| Depreciation and amortization | (28320) | (14329) | (10835) | (3156) |
| Interest and other income, net | 1199 | 697 | 294 | 208 |
| Interest and debt expense | (22621) | (9804) | (10157) | (2660) |
| **Net income** | $**17814** | $**4230** | $**9070** | $**4514** |
| **PGRE's share** |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** |
| **Net income** | $**9655** | $**3804** | $**4447** | $**1404** |
| &nbsp;&nbsp;Management fee income | 1200 | 345 | 248 | 607 |
| PGRE's share of net income | 10855 | 4149 | 4695 | 2011 |
| &nbsp;&nbsp;Real estate depreciation and amortization | 19187 | 12896 | 5310 | 981 |
| **FFO/Core FFO** <sup>(1)</sup> | $**30042** | $**17045** | $**10005** | $**2992** |
| **Noncontrolling interests' share** |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** |
| **Net income** | $**8159** | $**426** | $**4623** | $**3110** |
| &nbsp;&nbsp;Management fee expense | (1200) | (345) | (248) | (607) |
| Net income attributable to noncontrolling interests | 6959 | 81 | 4375 | 2503 |
| &nbsp;&nbsp;Real estate depreciation and amortization | 9133 | 1433 | 5525 | 2175 |
| **FFO/Core FFO** <sup>(1)</sup> | $**16092** | $**1514** | $**9900** | $**4678** |

---

------

<sup>(1)</sup> See page 46 for our definition of these measures.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg) | **&nbsp;&nbsp;&nbsp;&nbsp; CONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Total Consolidated** | **1633** | **900 Third** | **One Market** | **300 Mission** | **One Front** |
|  | **Joint Ventures** | **Broadway** | **Avenue** <sup>(2)</sup> | **Plaza** | **Street** | **Street** <sup>(3)</sup> |
| Total revenues | $326234 | $146143 | $18139 | $102775 | $38754 | $20423 |
| Total operating expenses | 134279 | 63601 | 11467 | 37139 | 13712 | 8360 |
| Net operating income <sup>(1)</sup> | 191955 | 82542 | 6672 | 65636 | 25042 | 12063 |
| Depreciation and amortization | (99476) | (42204) | (7810) | (31186) | (13577) | (4699) |
| Interest and other income, net | 5560 | 2314 | 95 | 864 | 875 | 1412 |
| Interest and debt expense | (67267) | (29100) | - | (30189) | (7978) | - |
| Income (loss) before income taxes | 30772 | 13552 | (1043) | 5125 | 4362 | 8776 |
| Income tax expense | (7) | (3) | - | (2) | (2) | - |
| **Net income (loss)** | $**30765** | $**13549** | $**(1043)** | $**5123** | $**4360** | $**8776** |
| **PGRE's share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **55.0%** <sup>(2)</sup> | **49.0%** | **31.1%** | **75.0%** <sup>(3)</sup> |
| **Net income (loss)** | $**22052** | $**12188** | $**(574)** | $**2505** | $**1351** | $**6582** |
| &nbsp;&nbsp;&nbsp;Management fee income | 3618 | 964 | 243 | 588 | 1701 | 122 |
| PGRE's share of net income (loss) | 25670 | 13152 | (331) | 3093 | 3052 | 6704 |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 65305 | 37984 | 4295 | 15281 | 4221 | 3524 |
| **FFO/Core FFO** <sup>(1)</sup> | $**90975** | $**51136** | $**3964** | $**18374** | $**7273** | $**10228** |
| **Noncontrolling interests' share** |  |  |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **45.0%** <sup>(2)</sup> | **51.0%** | **68.9%** | **25.0%** <sup>(3)</sup> |
| **Net income (loss)** | $**8713** | $**1361** | $**(469)** | $**2618** | $**3009** | $**2194** |
| &nbsp;&nbsp;&nbsp;Management fee expense | (3618) | (964) | (243) | (588) | (1701) | (122) |
| Net income (loss) attributable to noncontrolling interests | 5095 | 397 | (712) | 2030 | 1308 | 2072 |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 34171 | 4220 | 3515 | 15905 | 9356 | 1175 |
| **FFO/Core FFO** <sup>(1)</sup> | $**39266** | $**4617** | $**2803** | $**17935** | $**10664** | $**3247** |

---

------

<sup>(1)</sup> See page 46 for our definition of these measures.

<sup>(2)</sup> On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue. The amounts in this column represent the results of operations from January 17, 2025 through September 30, 2025.

<sup>(3)</sup> On May 5, 2025, we sold a 25.0% equity interest in One Front Street. The amounts in this column represent the results of operations from May 5, 2025 through September 30, 2025.

------

---

| | |
|:---|:---|
| ![img172260412_14.jpg](img172260412_14.jpg) | **&nbsp;&nbsp;&nbsp;&nbsp; CONSOLIDATED JOINT VENTURES – OPERATING RESULTS** |

---

(unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Total Consolidated** | **1633** | **One Market** | **300 Mission** |
|  | **Joint Ventures** | **Broadway** | **Plaza** | **Street** |
| Total revenues | $315672 | $146595 | $126935 | $42142 |
| Total operating expenses | 111479 | 60343 | 38125 | 13011 |
| Net operating income <sup>(1)</sup> | 204193 | 86252 | 88810 | 29131 |
| Depreciation and amortization | (90573) | (46918) | (32487) | (11168) |
| Interest and other income, net | 3154 | 1971 | 722 | 461 |
| Interest and debt expense | (67687) | (29206) | (30501) | (7980) |
| Income before income taxes | 49087 | 12099 | 26544 | 10444 |
| Income tax expense | (98) | (16) | (81) | (1) |
| **Net income** | $**48989** | $**12083** | $**26463** | $**10443** |
| **PGRE's share** |  |  |  |  |
| **Ownership** | **Total** | **90.0%** | **49.0%** | **31.1%** |
| **Net income** | $**27078** | $**10871** | $**12965** | $**3242** |
| &nbsp;&nbsp;Management fee income | 3477 | 1032 | 681 | 1764 |
| PGRE's share of net income | 30555 | 11903 | 13646 | 5006 |
| &nbsp;&nbsp;Real estate depreciation and amortization | 61618 | 42226 | 15919 | 3473 |
| **FFO/Core FFO** <sup>(1)</sup> | $**92173** | $**54129** | $**29565** | $**8479** |
| **Noncontrolling interests' share** |  |  |  |  |
| **Ownership** | **Total** | **10.0%** | **51.0%** | **68.9%** |
| **Net income** | $**21911** | $**1212** | $**13498** | $**7201** |
| &nbsp;&nbsp;Management fee expense | (3477) | (1032) | (681) | (1764) |
| Net income attributable to noncontrolling interests | 18434 | 180 | 12817 | 5437 |
| &nbsp;&nbsp;Real estate depreciation and amortization | 28955 | 4692 | 16568 | 7695 |
| **FFO/Core FFO** <sup>(1)</sup> | $**47389** | $**4872** | $**29385** | $**13132** |

---

------

<sup>(1)</sup> See page 46 for our definition of these measures.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  |  |  |  |  |  | **Non-Core Asset** <sup>(1)</sup> |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(2)</sup> | **Lane** | **Other** <sup>(3)</sup> | **Street** |
| **PGRE Ownership** |  | **50.0%** | **44.1%** | **5.0%** | **35.0%** <sup>(4)</sup> | **Various** | **49.0%** |
| **Assets:** |  |  |  |  |  |  |  |
| Real estate, net | $1383558 | $221382 | $132426 | $823500 | $50 | $141297 | $64903 |
| Cash and cash equivalents | 101330 | 25487 | 32097 | 23684 | 15135 | 2031 | 2896 |
| Restricted cash | 23158 | 5976 | - | 15701 | - | - | 1481 |
| Accounts and other receivables | 6854 | 5924 | 472 | - | 123 | 35 | 300 |
| Deferred rent receivable | 32724 | 21070 | 3954 | - | - | 5313 | 2387 |
| Deferred charges, net | 10960 | 8886 | 1403 | - | - | - | 671 |
| Intangible assets, net | 35474 | - | 1761 | - | - | 33078 | 635 |
| For-sale residential condominium units | 175089 | - | - | - | 175089 | - | - |
| Other assets | 11537 | 3258 | 382 | 5373 | 767 | 1427 | 330 |
| **Total Assets** | $**1780684** | $**291983** | $**172495** | $**868258** | $**191164** | $**183181** | $**73603** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $1412745 | $299315 | $187346 | $643489 | $- | $104764 | $177831 |
| Accounts payable and accrued expenses | 42324 | 6200 | 4111 | 25871 | 1230 | 871 | 4041 |
| Intangible liabilities, net | 1682 | - | 1484 | - | - | - | 198 |
| Other liabilities | 67961 | 87 | 221 | 62987 | 21 | 4385 | 260 |
| **Total Liabilities** | **1524712** | **305602** | **193162** | **732347** | **1251** | **110020** | **182330** |
| **Total Equity** | **255972** | **(13619)** | **(20667)** | **135911** | **189913** | **73161** | **(108727)** |
| **Total Liabilities and Equity** | $**1780684** | $**291983** | $**172495** | $**868258** | $**191164** | $**183181** | $**73603** |

---

------

<sup>(1)</sup> On May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure.

<sup>(2)</sup> This property is "out-of-service" for redevelopment.

<sup>(3)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(4)</sup> RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  |  |  |  |  | **Non-Core Assets** | **Non-Core Assets** |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **Market** | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(1)</sup> | **Lane** | **Other** <sup>(2)</sup> | **Center** | **Street** |
| **PGRE Ownership** |  | **50.0%** | **44.1%** | **5.0%** | **35.0%** <sup>(3)</sup> | **Various** | **67.0%** | **49.0%** |
| **Assets:** |  |  |  |  |  |  |  |  |
| Real estate, net | $1567771 | $223640 | $136627 | $663046 | $50 | $143557 | $264135 | $136716 |
| Cash and cash equivalents | 104982 | 27144 | 26919 | 20388 | 23514 | 2492 | 2700 | 1825 |
| Restricted cash | 49687 | 5971 | - | 28482 | - | - | 13631 | 1603 |
| Accounts and other receivables | 7849 | 5135 | 444 | 227 | 123 | 32 | 1253 | 635 |
| Deferred rent receivable | 42128 | 21697 | 4594 | - | - | 4476 | 8751 | 2610 |
| Deferred charges, net | 15434 | 8934 | 1639 | - | - | - | 3945 | 916 |
| Intangible assets, net | 42672 | - | 3159 | - | - | 35422 | 3304 | 787 |
| For-sale residential condominium units | 195113 | - | - | - | 195113 | - | - | - |
| Other assets | 3530 | 45 | 252 | 499 | 202 | 1549 | 792 | 191 |
| **Total Assets** | $**2029166** | $**292566** | $**173634** | $**712642** | $**219002** | $**187528** | $**298511** | $**145283** |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $1783587 | $299007 | $187227 | $605584 | $- | $106077 | $416520 | $169172 |
| Accounts payable and accrued expenses | 59860 | 6032 | 4478 | 16455 | 1660 | 1589 | 25694 | 3952 |
| Intangible liabilities, net | 2480 | - | 2019 | - | - | - | 223 | 238 |
| Other liabilities | 73129 | 188 | 162 | 66305 | 5 | 2992 | 3232 | 245 |
| **Total Liabilities** | **1919056** | **305227** | **193886** | **688344** | **1665** | **110658** | **445669** | **173607** |
| **Total Equity** | **110110** | **(12661)** | **(20252)** | **24298** | **217337** | **76870** | **(147158)** | **(28324)** |
| **Total Liabilities and Equity** | $**2029166** | $**292566** | $**173634** | $**712642** | $**219002** | $**187528** | $**298511** | $**145283** |

---

------

<sup>(1)</sup> This property is "out-of-service" for redevelopment.

<sup>(2)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(3)</sup> RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  |  |  |  |  |  |  | **Non-Core Asset** |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(2)</sup> | **Lane** | **Other** <sup>(3)</sup> | **Street** |
| Total revenues | $36353 | $11918 | $7330 | $- | $10144<br><sup>(4)</sup> | $4380 | $2581 |
| Total operating expenses | 22717 | 5953 | 3772 | 21 | 8562<br><sup>(5)</sup> | 2267 | 2142 |
| Net operating income (loss) <sup>(1)</sup> | 13636 | 5965 | 3558 | (21) | 1582 | 2113 | 439 |
| Depreciation and amortization | (8207) | (3906) | (2212) | - | - | (1098) | (991) |
| Interest and other income, net | 1788 | 178 | 228 | 1191 | 181 | 9 | 1 |
| Interest and debt expense | (8536) | (2701) | (1857) | - | - | (1046) | (2932) |
| **Net (loss) income** | $**(1319)** | $**(464)** | $**(283)** | $**1170** | $**1763** | $**(22)** | $**(3483)** |
| **PGRE's share** |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **44.1%** | **5.0%** | **35.0%** | **Various** | **49.0%** |
| **Net (loss) income** | $**(1391)** | $**(232)** | $**(124)** | $**59** | $**618** | $**(4)** | $**(1708)** |
| &nbsp;&nbsp;&nbsp;Step-up basis adjustment | (17) | - | - | - | (16) | (1) | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | 2069 | 232 | 124 | - | - | 5 | 1708 |
| PGRE's share of net income | 661 | - | - | 59 | 602 | - | - |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 3030 | 1953 | 975 | - | - | 102 | - |
| FFO <sup>(1)</sup> | 3691 | 1953 | 975 | 59 | 602 | 102 | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | (361) | (232) | (124) | - | - | (5) | - |
| &nbsp;&nbsp;&nbsp;FFO attributable to One Steuart Lane | (602) | - | - | - | (602) | - | - |
| **Core FFO** <sup>(1)</sup> | $**2728** | $**1721** | $**851** | $**59** | $**-** | $**97** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> This property is "out-of-service" for redevelopment.

<sup>(3)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(4)</sup> Includes proceeds from the sale of residential condominium units at One Steuart Lane.

<sup>(5)</sup> Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  |  |  |  |  |  |  | **Non-Core Assets** | **Non-Core Assets** |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **Market** | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(2)</sup> | **Lane** | **Other** <sup>(3)</sup> | **Center** | **Street** |
| Total revenues | $37562 | $12652 | $8125 | $- | $1801<br><sup>(4)</sup> | $3237 | $8051 | $3696 |
| Total operating expenses | 23985 | 6182 | 3578 | 114 | 4008<br><sup>(5)</sup> | 1762 | 6349 | 1992 |
| Net operating income (loss) <sup>(1)</sup> | 13577 | 6470 | 4547 | (114) | (2207) | 1475 | 1702 | 1704 |
| Depreciation and amortization | (12464) | (3533) | (3451) | - | - | (1075) | (2725) | (1680) |
| Interest and other income, net | 1855 | 200 | 228 | 1191 | 156 | 17 | 29 | 34 |
| Interest and debt expense | (14782) | (2702) | (1857) | - | - | (1093) | (5943) | (3187) |
| Gain on settlement of interest rate swap | 2498 | - | - | - | - | - | 2498 | - |
| (Loss) income before income taxes | (9316) | 435 | (533) | 1077 | (2051) | (676) | (4439) | (3129) |
| Income tax expense | (1) | (1) | - | - | - | - | - | - |
| **Net (loss) income** | $**(9317)** | $**434** | $**(533)** | $**1077** | $**(2051)** | $**(676)** | $**(4439)** | $**(3129)** |
| **PGRE's share** |  |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **44.1%** | **5.0%** | **35.0%** | **Various** | **67.0%** | **49.0%** |
| **Net (loss) income** | $**(5242)** | $**217** | $**(223)** | $**55** | $**(718)** | $**(63)** | $**(2977)** | $**(1533)** |
| &nbsp;&nbsp;&nbsp;Step-up basis adjustment | (32) | - | (2) | - | (3) | (27) | - | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | 4293 | (217) | - | - | - | - | 2977 | 1533 |
| PGRE's share of net (loss) income | (981) | - | (225) | 55 | (721) | (90) | - | - |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 3416 | 1767 | 1524 | - | - | 125 | - | - |
| FFO <sup>(1)</sup> | 2435 | 1767 | 1299 | 55 | (721) | 35 | - | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | 217 | 217 | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;FFO attributable to One Steuart Lane | 721 | - | - | - | 721 | - | - | - |
| **Core FFO** <sup>(1)</sup> | $**3373** | $**1984** | $**1299** | $**55** | $**-** | $**35** | $**-** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> This property is "out-of-service" for redevelopment.

<sup>(3)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(4)</sup> Includes proceeds from the sale of residential condominium units at One Steuart Lane.

<sup>(5)</sup> Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  |  |  |  |  |  |  | **Non-Core Assets** | **Non-Core Assets** |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **Market** | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(2)</sup> | **Lane** | **Other** <sup>(3)</sup> | **Center** <sup>(4)</sup> | **Street** |
| Total revenues | $123910 | $36688 | $22042 | $- | $34741<br><sup>(5)</sup> | $12108 | $9841 | $8490 |
| Total operating expenses | 72630 | 18496 | 10771 | 61 | 28162<br><sup>(6)</sup> | 5005 | 3657 | 6478 |
| Net operating income (loss) <sup>(1)</sup> | 51280 | 18192 | 11271 | (61) | 6579 | 7103 | 6184 | 2012 |
| Depreciation and amortization | (29094) | (11681) | (6705) | - | - | (3271) | (4365) | (3072) |
| Interest and other income, net | 5334 | 551 | 629 | 3572 | 539 | 20 | 21 | 2 |
| Interest and debt expense | (42673) | (8020) | (5570) | - | - | (3135) | (17399) | (8549) |
| Gain on extinguishment of debt | 162517 | - | - | - | - | - | 162517<br><sup>(7)</sup> | - |
| Income (loss) before income taxes | 147364 | (958) | (375) | 3511 | 7118 | 717 | 146958 | (9607) |
| Income tax expense | (29) | - | (17) | (1) | (2) | (4) | (2) | (3) |
| **Net income (loss)** | $**147335** | $**(958)** | $**(392)** | $**3510** | $**7116** | $**713** | $**146956** | $**(9610)** |
| **PGRE's share** |  |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **44.1%** | **5.0%** | **35.0%** | **Various** | **67.0%** <sup>(4)</sup> | **49.0%** |
| **Net income (loss)** | $**95814** | $**(481)** | $**(182)** | $**177** | $**2491** | $**65** | $**98455** | $**(4711)** |
| &nbsp;&nbsp;&nbsp;Step-up basis adjustment | (54) | - | - | - | (49) | (5) | - | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | (93140) | 481 | 182 | - | - | (59) | (98455)<sup>(7)</sup> | 4711 |
| PGRE's share of net income | 2620 | - | - | 177 | 2442 | 1 | - | - |
| &nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 9104 | 5841 | 2956 | - | - | 307 | - | - |
| FFO <sup>(1)</sup> | 11724 | 5841 | 2956 | 177 | 2442 | 308 | - | - |
| &nbsp;&nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | (604) | (481) | (182) | - | - | 59 | - | - |
| &nbsp;&nbsp;&nbsp;FFO attributable to One Steuart Lane | (2442) | - | - | - | (2442) | - | - | - |
| **Core FFO** <sup>(1)</sup> | $**8678** | $**5360** | $**2774** | $**177** | $**-** | $**367** | $**-** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> This property is "out-of-service" for redevelopment.

<sup>(3)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(4)</sup> On May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure. The amounts in this column represent the results of operations from January 1, 2025 through May 30, 2025.

<sup>(5)</sup> Includes proceeds from the sale of residential condominium units at One Steuart Lane.

<sup>(6)</sup> Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

<sup>(7)</sup> In December 2023, we wrote off our investment in Market Center to zero and discontinued the equity method of accounting. Accordingly, the gain on extinguishment of debt did not have an impact on our consolidated financial statements.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  |  |  |  |  |  |  | **Non-Core Assets** | **Non-Core Assets** |
|  |  | **712 Fifth** | **55 Second** | **60 Wall** | **One Steuart** |  | **Market** | **111 Sutter** |
|  | **Total** | **Avenue** | **Street** | **Street** <sup>(2)</sup> | **Lane** | **Other** <sup>(3)</sup> | **Center** | **Street** |
| Total revenues | $126989 | $37895 | $24294 | $- | $17638<br><sup>(4)</sup> | $11464 | $24796 | $10902 |
| Total operating expenses | 80345 | 18052 | 10471 | 215 | 20411<br><sup>(5)</sup> | 5251 | 19417 | 6528 |
| Net operating income (loss) <sup>(1)</sup> | 46644 | 19843 | 13823 | (215) | (2773) | 6213 | 5379 | 4374 |
| Depreciation and amortization | (38232) | (10161) | (10344) | - | - | (3227) | (8792) | (5708) |
| Interest and other income, net | 4351 | 588 | 704 | 2379 | 486 | 42 | 110 | 42 |
| Interest and debt expense | (44729) | (8049) | (5570) | (5255) | - | (3231) | (13187) | (9437) |
| Gain on settlement of interest rate swap | 2498 | - | - | - | - | - | 2498 | - |
| (Loss) income before income taxes | (29468) | 2221 | (1387) | (3091) | (2287) | (203) | (13992) | (10729) |
| Income tax expense | (26) | (1) | (8) | (2) | (3) | (4) | (5) | (3) |
| **Net (loss) income** | $**(29494)** | $**2220** | $**(1395)** | $**(3093)** | $**(2290)** | $**(207)** | $**(13997)** | $**(10732)** |
| **PGRE's share** |  |  |  |  |  |  |  |  |
| **Ownership** | **Total** | **50.0%** | **44.1%** | **5.0%** | **35.0%** | **Various** | **67.0%** | **49.0%** |
| **Net (loss) income** | $**(15095)** | $**1110** | $**(583)** | $**(152)** | $**(802)** | $**(24)** | $**(9386)** | $**(5258)** |
| &nbsp;&nbsp;Step-up basis adjustment | (113) | - | (7) | - | (26) | (80) | - | - |
| &nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | 12110 | (1110) | - | (1424) | - | - | 9386 | 5258 |
| PGRE's share of net loss | (3098) | - | (590) | (1576) | (828) | (104) | - | - |
| &nbsp;&nbsp;Real estate depreciation and amortization | 10026 | 5081 | 4568 | - | - | 377 | - | - |
| FFO <sup>(1)</sup> | 6928 | 5081 | 3978 | (1576) | (828) | 273 | - | - |
| &nbsp;&nbsp;Adjustments to equity in earnings of <br> unconsolidated joint ventures | 2534 | 1110 | - | 1424 | - | - | - | - |
| &nbsp;&nbsp;FFO attributable to One Steuart Lane | 828 | - | - | - | 828 | - | - | - |
| &nbsp;&nbsp;Other non-core items | 263 | - | - | 263 | - | - | - | - |
| **Core FFO** <sup>(1)</sup> | $**10553** | $**6191** | $**3978** | $**111** | $**-** | $**273** | $**-** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> This property is "out-of-service" for redevelopment.

<sup>(3)</sup> Represents 1600 Broadway and Oder-Center, Germany.

<sup>(4)</sup> Includes proceeds from the sale of residential condominium units at One Steuart Lane.

<sup>(5)</sup> Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

------

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Debt** <sup>(2)(3)</sup>**:** |  | At 100% | At PGRE's Share <sup>(1)</sup> | Excluding Non-Core Debt <sup>(4)</sup> |
| Notes and mortgages payable (secured debt): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated debt |  | $3732050 | $3013680 | $3013680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated joint ventures debt |  | 1243984 | 275039 | 275039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-core unconsolidated joint venture debt |  | 177836 | 87140 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt |  | $5153870 | 3375859<br> **(A)** | 3288719<br> **(A)** |
|  | **Shares / Units** | **Share Price as of** |  |  |
| **Equity:** | **Outstanding** | **September 30, 2025** |  |  |
| Common stock | 221897427 | $6.54 | 1451209 | 1451209 |
| Operating Partnership units | 16298625 | 6.54 | 106593 | 106593 |
| Total equity | 238196052 | 6.54 | 1557802 | 1557802 |
| **Total Market Capitalization** | **Total Market Capitalization** | **Total Market Capitalization** | $**4933661** | $**4846521** |
| PGRE's share of cash and cash equivalents and restricted cash <sup>(1)</sup> | PGRE's share of cash and cash equivalents and restricted cash <sup>(1)</sup> | PGRE's share of cash and cash equivalents and restricted cash <sup>(1)</sup> | $520181<br> **(B)** | $518036<br> **(B)** |
| PGRE's share of net debt <sup>(1)</sup> **(A - B)** | PGRE's share of net debt <sup>(1)</sup> **(A - B)** | PGRE's share of net debt <sup>(1)</sup> **(A - B)** | $2855678 | $2770683 |
| **PGRE's share of Net Debt to Annualized Adjusted EBITDAre** <sup>(1)</sup> | **PGRE's share of Net Debt to Annualized Adjusted EBITDAre** <sup>(1)</sup> | **PGRE's share of Net Debt to Annualized Adjusted EBITDAre** <sup>(1)</sup> | **10.2x** | **9.9x** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Represents contractual amounts due pursuant to the respective debt agreements.

<sup>(3)</sup> On May 5, 2025, we terminated our revolving credit facility following the sale of a 25.0% interest in One Front Street, which was one of the two properties supporting the credit facility.

<sup>(4)</sup> Excludes 111 Sutter Street.

------

---

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

---

(unaudited and in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Paramount** | **PGRE's Share of Debt** | **PGRE's Share of Debt** | **PGRE's Share of Debt** | **PGRE's Share of Debt** | **PGRE's Share of Debt** | **PGRE's Share of Debt** | **PGRE's Share of Debt** |  |
| **Notes and mortgages payable (secured)** | **Ownership** | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** | **Total** | **Rate** |
| &nbsp;&nbsp;**Consolidated Debt:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;31 West 52nd Street ($500000) | 100.0% | $- | $500000 | $- | $- | $- | $- | $500000 | 3.80% |
| &nbsp;&nbsp;300 Mission Street ($232050) | 31.1% | - | 72168 | - | - | - | - | 72168 | 4.50% |
| &nbsp;&nbsp;One Market Plaza ($850000) | 49.0% | - | - | 416500 | - | - | - | 416500 | 4.08% |
| &nbsp;&nbsp;1633 Broadway ($1250000) | 90.0% | - | - | - | - | 1125012 | - | 1125012 | 2.99% |
| &nbsp;&nbsp;1301 Avenue of the Americas ($900000)<sup>(2)</sup> | 100.0% | - | - | - | - | - | 900000 | 900000 | 6.39% |
| &nbsp;&nbsp;**Unconsolidated JV Debt:** | &nbsp;&nbsp;**Unconsolidated JV Debt:** | &nbsp;&nbsp;**Unconsolidated JV Debt:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;55 Second Street ($187500) | 44.1% | - | 82669 | - | - | - | - | 82669 | 3.88% |
| &nbsp;&nbsp;712 Fifth Avenue ($300000) | 50.0% | - | - | 150000 | - | - | - | 150000 | 3.39% |
| &nbsp;&nbsp;Oder-Center, Germany ($8090) | 9.5% | - | - | - | 769 | - | - | 769 | 3.58% |
| &nbsp;&nbsp;60 Wall Street ($650394) | 5.0% | - | - | - | - | 32585 | - | 32585 | 9.23% <sup>(3)</sup> |
| &nbsp;&nbsp;1600 Broadway ($98000) | 9.2% | - | - | - | - | - | 9016 | 9016 | 3.45% |
| &nbsp;&nbsp;**Non-Core Unconsolidated JV Debt:** <sup>(4)</sup> | &nbsp;&nbsp;**Non-Core Unconsolidated JV Debt:** <sup>(4)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;111 Sutter Street ($177836) | 49.0% | 87140 | - | - | - | - | - | 87140 | 6.44% <sup>(5)</sup> |
| **PGRE's Share of Total Debt** <sup>(1)</sup> | **PGRE's Share of Total Debt** <sup>(1)</sup> | $**87140** | $**654837** | $**566500** | $**769** | $**1157597** | $**909016** | $**3375859** |  |
| **Weighted average rate** | **Weighted average rate** | **6.44%** | **3.89%** | **3.90%** | **3.58%** | **3.17%** | **6.36%** | **4.37%** |  |
| **% of debt maturing** | **% of debt maturing** | **2.6%** | **19.4%** | **16.8%** | **0.0%** | **34.3%** | **26.9%** | **100.0%** |  |
| **PGRE's Share of Total Debt Excluding Non-Core Asset** | **PGRE's Share of Total Debt Excluding Non-Core Asset** | $**-** | $**654837** | $**566500** | $**769** | $**1157597** | $**909016** | $**3288719** |  |
| **Weighted average rate** | **Weighted average rate** | **- %** | **3.89%** | **3.90%** | **3.58%** | **3.17%** | **6.36%** | **4.32%** |  |
| **% of debt maturing** | **% of debt maturing** | **- %** | **20.0%** | **17.2%** | **0.0%** | **35.2%** | **27.6%** | **100.0%** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** | **Debt Composition (at PGRE's Share)** |
|  |  |  | **Weighted Average** | **Weighted Average** |  |  |  | **Weighted Average** | **Weighted Average** |
|  | **Amount** | **%<br>of Total** | **Interest Rate** | **Years to Maturity** |  | **Amount** | **%<br>of Total** | **Interest Rate** | **Years to Maturity** |
| **Including Non-Core Debt:** |  |  |  |  | **Excluding Non-Core Debt** <sup>(6)</sup>**:** |  |  |  |  |
| Fixed Rate Debt | $3271232 | 97% | 4.31% | 3.2 | Fixed Rate Debt | $3271232 | 99% | 4.31% | 3.2 |
| Floating Rate Debt | 104627 | 3% | 6.44% | 0.7 | Floating Rate Debt | 17487 | 1% | 6.47% | 3.6 |
| **Total** | $**3375859** | **100%** | **4.37%** | **3.1** | **Total** | $**3288719** | **100%** | **4.32%** | **3.2** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> On August 5, 2025, we completed a $900,000 refinancing of 1301 Avenue of the Americas. The new five-year interest-only loan has a fixed rate of 6.39% and matures in August 2030. The proceeds from the refinancing were used to repay the existing $860,000 loan that bore interest at a weighted average rate of SOFR plus 277 basis points and was scheduled to mature in August 2026. We retained the proceeds of approximately $26,000 after the repayment of the existing loan and closing costs.

<sup>(3)</sup> Consists of (i) a $16,718 A-Note that bears interest at SOFR plus 245 basis points, of which 4.00% is current and the remaining interest will be accrued and (ii) a $15,867 B-Note that will accrue interest at a fixed rate of 12.00%. The accrued interest on the A-Note, and the principal and accrued interest on the B-Note, are subordinate to equity contributions by the joint venture.

<sup>(4)</sup> In August 2024, the joint venture that owned Market Center, in which we had a 67.0% ownership interest, ceased making debt service payments on the non-recourse mortgage loan due to insufficient property cash flows. In January 2025, the joint venture defaulted on the $416,544 mortgage loan, as it was not repaid at maturity. Subsequently, on May 30, 2025, the lenders completed the sale of Market Center through a deed-in-lieu of foreclosure.

<sup>(5)</sup> This loan bears interest at a rate of SOFR plus 215 basis points.

<sup>(6)</sup> Excludes 111 Sutter Street.

------

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Annualized Rent** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **Square Feet** | **Square Feet** | **Square Feet** |
|  | **%** | **%** |  | **Per** | **In** | **Out-of-** |  |
|  | **Leased** <sup>(1)</sup> | **Occupied** <sup>(1)</sup> | **Amount** | **Square Foot** <sup>(2)</sup> | **Service** | **Service** | **Total** |
| **Total Portfolio** |  |  |  |  |  |  |  |
| Weighted average | 85.9% | 78.9% | $775278 | $93.68 | 10601626 | 1643651 | 12245277 |
| PGRE's share | 89.0% | 81.1% | $574884 | $89.99 | 8010923 | 82347 | 8093270 |
| **Non-Same Store Portfolio** <sup>(3)</sup> |  |  |  |  |  |  |  |
| Weighted average | 47.4% | 47.4% | $10649 | $81.82 | 276598 | 1643651 | 1920249 |
| PGRE's share | 47.4% | 47.4% | $5218 | $81.82 | 135533 | 82347 | 217880 |
| **Same Store Portfolio** |  |  |  |  |  |  |  |
| Weighted average | 86.9% | 79.7% | $764629 | $93.88 | 10325028 | - | 10325028 |
| PGRE's share | 89.7% | 81.7% | $569666 | $90.08 | 7875390 | - | 7875390 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leased %** <sup>(1)</sup> **(at PGRE's Share)** | **Leased %** <sup>(1)</sup> **(at PGRE's Share)** | **Leased %** <sup>(1)</sup> **(at PGRE's Share)** | **Leased %** <sup>(1)</sup> **(at PGRE's Share)** | **Leased %** <sup>(1)</sup> **(at PGRE's Share)** |
|  | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **September 30, 2024** |
| **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** |  |  |
| &nbsp;&nbsp;New York | 93.8% | 88.1% | 87.4% | 85.0% | 85.0% |
| &nbsp;&nbsp;San Francisco | 72.3% | 73.0% | 72.6% | 74.0% | 74.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average** | **89.0%** | **84.7%** | **83.2%** | **82.0%** | **82.0%** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

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

<sup>(3)</sup> Includes (i) 60 Wall Street in our New York portfolio, which is "out-of-service" for redevelopment and (ii) 111 Sutter Street in our San Francisco portfolio.

------

---

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

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Annualized Rent** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **Square Feet** | **Square Feet** | **Square Feet** |  |
|  | **Paramount** | **%** | **%** |  | **Per** | **In** | **Out-of-** |  |  |
| **Property** | **Ownership** | **Leased** <sup>(1)</sup> | **Occupied** <sup>(1)</sup> | **Amount** | **Square Foot** <sup>(2)</sup> | **Service** | **Service** | **Total** | **Key Tenants** |
| **1633 Broadway** |  |  |  |  |  |  |  |  |  |
| Office | 90.0% | 93.4% | 91.7% | $177931 | $85.64 | 2275229 | - | 2275229 | Allianz, Morgan Stanley, Warner Music Group, ICBC, |
|  |  |  |  |  |  |  |  |  | Showtime Networks, New Mountain Capital, MongoDB, |
|  |  |  |  |  |  |  |  |  | Bleacher Report, Kasowitz |
| Retail / Theater | 90.0% | 99.0% | 99.0% | 14061 | 74.36 | 256758 | - | 256758 | Gershwin Theatre, Thespian Theatre, Equinox, |
|  |  |  |  |  |  |  |  |  | Din Tai Fung, La Pecora Bianca, Rosetta Bakery |
|  | **90.0%** | **93.9%** | **92.5%** | **191992** | **85.30** | **2531987** | **-** | **2531987** |  |
| **1301 Avenue of the Americas** | **1301 Avenue of the Americas** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 99.5% | 86.3% | 124133 | 85.49 | 1701226 | - | 1701226 | Credit Agricole, Norton Rose Fulbright, CohnReznick, |
|  |  |  |  |  |  |  |  |  | Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank, |
|  |  |  |  |  |  |  |  |  | O'Melveny & Myers, Dorsey & Whitney, Benesch Law, |
|  |  |  |  |  |  |  |  |  | Piper Sandler |
| Retail / Paramount Club | 100.0% | 100.0% | 100.0% | 4560 | 186.89 | 50885 | - | 50885 | Ocean Prime, Starbucks, Citizens Bank |
|  | **100.0%** | **99.5%** | **86.7%** | **128693** | **86.74** | **1752111** | **-** | **1752111** |  |
| **1325 Avenue of the Americas** | **1325 Avenue of the Americas** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 95.3% | 86.3% | 48037 | 70.56 | 810318 | - | 810318 | McGraw Hill, Olshan Frome Wolosky, Hilton, |
|  |  |  |  |  |  |  |  |  | Major League Baseball Players Association |
| Retail | 100.0% | 100.0% | 100.0% | 1474 | 95.79 | 14998 | - | 14998 | La Grande Boucherie |
|  | **100.0%** | **95.4%** | **86.6%** | **49511** | **70.98** | **825316** | **-** | **825316** |  |
| **31 West 52nd Street** | **31 West 52nd Street** |  |  |  |  |  |  |  |  |
| Office | 100.0% | 86.3% | 61.6% | 43748 | 93.78 | 757003 | - | 757003 | Pillsbury Winthrop Shaw Pittman, Centerview Partners, |
|  |  |  |  |  |  |  |  |  | Bracewell, Providence Equity Partners, Wilson Sonsini, |
|  |  |  |  |  |  |  |  |  | Cushman & Wakefield |
| Retail | 100.0% | 100.0% | 100.0% | 5342 | 122.81 | 25345 | - | 25345 | Fogo De Chao, MoMA Design Store |
|  | **100.0%** | **86.8%** | **62.9%** | **49090** | **95.27** | **782348** | **-** | **782348** |  |
| **900 Third Avenue** |  |  |  |  |  |  |  |  |  |
| Office | 55.0% | 93.3% | 61.8% | 25678 | 72.51 | 575294 | - | 575294 | Kirkland & Ellis, Shiseido, Littler Mendelson, |
|  |  |  |  |  |  |  |  |  | Tannenbaum Helpern Syracuse & Hirschtritt |
| Retail | 55.0% | 32.1% | 32.1% | 366 | 59.65 | 16144 | - | 16144 | F45 Training |
|  | **55.0%** | **91.6%** | **61.0%** | **26044** | **72.32** | **591438** | **-** | **591438** |  |
| **712 Fifth Avenue** |  |  |  |  |  |  |  |  |  |
| Office | 50.0% | 82.4% | 77.2% | 42433 | 122.79 | 447925 | - | 447925 | CVC Advisors, Aberdeen, OMI Management, |
|  |  |  |  |  |  |  |  |  | Riverstone Holdings, Pictet Asset Management |
| Retail | 50.0% | 22.6% | 22.6% | 8376 | 464.20 | 79463 | - | 79463 | Harry Winston |
|  | **50.0%** | **73.4%** | **68.9%** | **50809** | **139.62** | **527388** | **-** | **527388** |  |
| **1600 Broadway** | **1600 Broadway** |  |  |  |  |  |  |  |  |
| Retail | **9.2%** | **100.0%** | **100.0%** | **11157** | **331.11** | **25693** | - | **25693** | M&M's World |
| **60 Wall Street** <sup>(3)</sup> | **60 Wall Street** <sup>(3)</sup> |  |  |  |  |  |  |  |  |
| Office | **5.0%** | **N/A** | **N/A** | **N/A** | **N/A** | **-** | **1643651** | **1643651** |  |
| **New York:** | **New York:** |  |  |  |  |  |  |  |  |
| **Weighted average** | **Weighted average** | **93.0%** | **82.7%** | $**507296** | $**88.67** | **7036281** | **1643651** | **8679932** |  |
| **PGRE's share** | **PGRE's share** | **93.8%** | **83.7%** | $**440844** | $**86.33** | **6229938** | **82347** | **6312285** |  |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

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

<sup>(3)</sup> This property is "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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **Square Feet** | **Square Feet** | **Square Feet** |  |
|  | **Paramount** | **%** | **%** |  | **Per** | **In** | **Out-of-** |  |  |
| **Property** | **Ownership** | **Leased** <sup>(1)</sup> | **Occupied** <sup>(1)</sup> | **Amount** | **Square Foot** <sup>(2)</sup> | **Service** | **Service** | **Total** | **Key Tenants** |
| **One Market Plaza** | **One Market Plaza** |  |  |  |  |  |  |  |  |
| Office | 49.0% | 70.7% | 69.6% | $130517 | $121.06 | 1552609 |  | 1552609 | Visa, The Capital Group, Autodesk, |
|  |  |  |  |  |  |  |  |  | Citigroup, Duane Morris, Simpson Thacher, |
|  |  |  |  |  |  |  |  |  | Thoma Bravo, PJT Partners, Morgan Lewis |
| Retail | 49.0% | 34.7% | 34.7% | 3748 | 88.67 | 53371 |  | 53371 | STK Steak House |
|  | **49.0%** | **69.5%** | **68.4%** | **134265** | **120.55** | **1605980** |  | **1605980** |  |
| **300 Mission Street** | **300 Mission Street** |  |  |  |  |  |  |  |  |
| Office | 31.1% | 72.5% | 72.5% | 44083 | 100.74 | 603595 |  | 603595 | Autodesk, Glassdoor, Instacart |
| Retail | 31.1% | 88.5% | 88.5% | 3448 | 77.23 | 49172 |  | 49172 | Equinox |
|  | **31.1%** | **73.7%** | **73.7%** | **47531** | **98.63** | **652767** |  | **652767** |  |
| **One Front Street** | **One Front Street** |  |  |  |  |  |  |  |  |
| Office | 75.0% | 78.5% | 78.5% | 47161 | 94.65 | 638221 |  | 638221 | JPMorgan Chase, JLL, Eastdil Secured, |
|  |  |  |  |  |  |  |  |  | Fenwick & West |
| Retail | 75.0% | 91.5% | 91.5% | 1182 | 95.89 | 13173 |  | 13173 | JPMorgan Chase |
|  | **75.0%** | **78.8%** | **78.8%** | **48343** | **94.68** | **651394** |  | **651394** |  |
| **55 Second Street** | **55 Second Street** |  |  |  |  |  |  |  |  |
| Office | 44.1% | 85.0% | 85.0% | 26476 | 84.20 | 370613 |  | 370613 | KPMG, Intercom, Rippling, UKG, |
|  |  |  |  |  |  |  |  |  | Alston & Bird |
| Retail | 44.1% | 100.0% | 100.0% | 718 | 79.33 | 7993 |  | 7993 | Sutter West Bay Medical, Bluestone Lane |
|  | **44.1%** | **85.3%** | **85.3%** | **27194** | **84.08** | **378606** |  | **378606** |  |
| **111 Sutter Street** <sup>(3)</sup> | **111 Sutter Street** <sup>(3)</sup> |  |  |  |  |  |  |  |  |
| Office | 49.0% | 43.8% | 43.8% | 9072 | 84.50 | 247443 |  | 247443 | Turo, Natural Resources Defense Council |
| Retail | 49.0% | 77.8% | 77.8% | 1577 | 69.18 | 29155 |  | 29155 | 24 Hour Fitness |
|  | **49.0%** | **47.4%** | **47.4%** | **10649** | **81.82** | **276598** |  | **276598** |  |
| **San Francisco:** | **San Francisco:** |  |  |  |  |  |  |  |  |
| **Weighted average** | **Weighted average** | **72.0%** | **71.4%** | $**267982** | $**104.60** | **3565345** |  | **3565345** |  |
| **PGRE's share** | **PGRE's share** | **72.3%** | **71.9%** | $**134040** | $**104.23** | **1780985** |  | **1780985** |  |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

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

<sup>(3)</sup> This asset has been designated as "non-core".

------

---

| | |
|:---|:---|
| ![img172260412_18.jpg](img172260412_18.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** |
|  |  |  | **Total** | **Total** | **Annualized Rent** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Top 10 Tenants:** |  | **Lease** | **Square Feet** | **Square Feet** |  | **Per Square** | **Annualized** |
| **As of September 30, 2025** | **Property** | **Expiration** | **Occupied** <sup>(2)</sup> | **Occupied** <sup>(2)</sup> | **Amount** | **Foot** <sup>(2)</sup> | **Rent** |
| Norton Rose Fulbright | 1301 Avenue of the Americas | Mar-2032 | 111589 | 111589 | 10306 | 92.36 | 1.8% |
|  |  | Sep-2034 | 179286 | 179286 | 19097 | 102.10 | 3.3% |
|  |  |  | 290875 | 290875 | 29403 | 98.36 | 5.1% |
| Allianz | 1633 Broadway | Jan-2031 | 320911 | 288823 | 29322 | 101.52 | 5.1% |
| JPMorgan Chase | One Front Street | Sep-2025 | 219180 | 164385 | 15179 | 92.18 | 2.6% |
|  |  | Jun-2027 | 18148 | 13611 | 1304 | 95.80 | 0.2% |
|  |  | Dec-2029 | 81525 | 61144 | 6700 | 109.58 | 1.2% |
|  |  | Dec-2030 | 25157 | 18868 | 1911 | 100.65 | 0.3% |
|  |  |  | 344010 | 258008 | 25094 | 97.11 | 4.3% |
| Wilson Sonsini | 1301 Avenue of the Americas | Nov-2025 | 61048 | 61048 | 6458 | 105.79 | 1.1% |
|  | One Market Plaza | Oct-2032 | 84456 | 41383 | 5083 | 122.83 | 0.9% |
|  | 31 West 52nd Street | Mar-2041 | 132207 | 132207 | 10709 | 81.00 | 1.9% |
|  |  |  | 277711 | 234638 | 22250 | 94.83 | 3.9% |
| Morgan Stanley | 1633 Broadway | Mar-2032 | 260829 | 234749 | 20584 | 87.69 | 3.6% |
| Warner Music Group | 1633 Broadway | Jul-2029 | 288250 | 259428 | 20387 | 77.54 | 3.5% |
| Showtime Networks | 1633 Broadway | Jan-2026 | 253196 | 227879 | 17964 | 77.10 | 3.1% |
| O'Melveny & Myers | 1301 Avenue of the Americas | Feb-2040 | 198653 | 198653 | 15943 | 80.00 | 2.8% |
| Credit Agricole | 1301 Avenue of the Americas | Apr-2035 | 159308 | 159308 | 11939 | 73.55 | 2.1% |
| Kasowitz | 1633 Broadway | Mar-2037 | 152676 | 137410 | 11465 | 83.44 | 2.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 September 30, 2025** | **Occupied** | **Square Feet** | **Rent** <sup>(1)</sup> | **Annualized Rent** |
| Legal Services | 1640258 | 25.3% | $147631 | 25.7% |
| Financial Services, all others | 1013419 | 15.6% | 99098 | 17.2% |
| Financial Services - Commercial and Investment Banking | 1081739 | 16.7% | 95669 | 16.6% |
| Technology and Media | 1112202 | 17.1% | 93555 | 16.3% |
| Insurance | 376283 | 5.8% | 37819 | 6.6% |
| Retail | 157545 | 2.4% | 19039 | 3.3% |
| Travel and Leisure | 184073 | 2.8% | 12840 | 2.2% |
| Accounting | 125879 | 1.9% | 9565 | 1.7% |
| Education | 95965 | 1.5% | 9501 | 1.7% |
| Other | 707278 | 10.9% | 50167 | 8.7% |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

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

------

---

| | |
|:---|:---|
| ![img172260412_19.jpg](img172260412_19.jpg) | **LEASING ACTIVITY** <sup>(2)</sup>  |

---

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **New York** | **San Francisco** |
| **Three Months Ended September 30, 2025** |  |  |  |
| **Total square feet leased** | **547812** | **463575** | **84237** |
| **PGRE's share of total square feet leased:** | **481246** | **440567** | **40679** |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial rent <sup>(1)</sup> | $82.45 | $81.08 | $97.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average lease term (in years) | 13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements and leasing commissions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot | $173.44 | $182.35 | $76.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot per annum | $13.13 | $13.21 | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage of initial rent | 15.9% | 16.3% | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent concessions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average free rent period (in months) | 11.3 | 12.0 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average free rent period per annum (in months) | 0.9 | 0.9 | 0.6 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Second generation space:** <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Square feet | 130756 | 98896 | 31860 |
| &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 <sup>(1)</sup> | $85.50 | $82.87 | $93.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent <sup>(1)</sup> | $80.33 | $73.64 | $101.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase (decrease) | 6.4% | 12.5% | (7.4%) |
| &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 | $84.78 | $80.82 | $97.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent | $74.42 | $69.77 | $88.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase | 13.9% | 15.8% | 9.2% |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> The leasing statistics, except for square feet leased, represent office space only.

------

---

| | |
|:---|:---|
| ![img172260412_19.jpg](img172260412_19.jpg) | **LEASING ACTIVITY** <sup>(2)</sup>  |

---

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **New York** | **San Francisco** |
| **Nine Months Ended September 30, 2025** |  |  |  |
| **Total square feet leased** | **1236396** | **953065** | **283331** |
| **PGRE's share of total square feet leased:** | **923314** | **779992** | **143322** |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial rent <sup>(1)</sup> | $83.87 | $81.95 | $94.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average lease term (in years) | 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenant improvements and leasing commissions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot | $182.17 | $183.79 | $173.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per square foot per annum | $13.93 | $13.32 | $18.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage of initial rent | 16.6% | 16.2% | 20.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent concessions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average free rent period (in months) | 12.5 | 13.1 | 8.9 |
| &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:** <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Square feet | 417702 | 319147 | 98555 |
| &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 <sup>(1)</sup> | $88.12 | $86.08 | $94.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior escalated rent <sup>(1)</sup> | $89.37 | $83.95 | $106.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage (decrease) increase | (1.4%) | 2.5% | (11.4%) |
| &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 | $88.04 | $84.31 | $100.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior straight-line rent | $82.62 | $79.04 | $94.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage increase | 6.6% | 6.7% | 6.2% |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> The leasing statistics, except for square feet leased, represent office space only.

------

---

| | |
|:---|:---|
| ![img172260412_20.jpg](img172260412_20.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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Lease Expiration** <sup>(2)</sup> | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot** <sup>(3)</sup> | **Annualized Rent** |
| Month to Month | 8543 | 5514 | $645 | $114.71 | 0.1% |
| 4Q 2025 | 539543 | 347405 | 32991 | 94.90 | 5.3% |
| 1Q 2026 | 513104 | 371499 | 31720 | 86.04 | 5.1% |
| 2Q 2026 | 53964 | 47739 | 4174 | 87.40 | 0.7% |
| 3Q 2026 | 184938 | 104972 | 14342 | 110.70 | 2.3% |
| 4Q 2026 | 428358 | 254824 | 20838 | 81.81 | 3.3% |
| Total 2026 | 1180364 | 779034 | 71074 | 88.09 | 11.4% |
| 2027 | 298097 | 205866 | 18247 | 88.42 | 2.9% |
| 2028 | 233868 | 155381 | 12464 | 79.93 | 2.0% |
| 2029 | 587192 | 493135 | 40899 | 87.20 | 6.6% |
| Thereafter | 6259776 | 5145845 | 447763 | 89.09 | 71.7% |
| **Total portfolio excluding non-core asset** <sup>(4)</sup>**:** | **Total portfolio excluding non-core asset** <sup>(4)</sup>**:** |  |  |  |  |
|  | **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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Lease Expiration** <sup>(2)</sup> | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot** <sup>(3)</sup> | **Annualized Rent** |
| Month to Month | 7957 | 5227 | $639 | $114.71 | 0.1% |
| 4Q 2025 | 539543 | 347405 | 32991 | 94.90 | 5.3% |
| 1Q 2026 | 499205 | 364689 | 31307 | 86.47 | 5.1% |
| 2Q 2026 | 53964 | 47739 | 4174 | 87.40 | 0.7% |
| 3Q 2026 | 184938 | 104972 | 14342 | 110.70 | 2.3% |
| 4Q 2026 | 428358 | 254824 | 20838 | 81.81 | 3.4% |
| Total 2026 | 1166465 | 772224 | 70661 | 88.31 | 11.5% |
| 2027 | 258722 | 186572 | 16252 | 86.88 | 2.6% |
| 2028 | 206983 | 142207 | 11543 | 80.82 | 1.9% |
| 2029 | 559926 | 479774 | 39803 | 87.36 | 6.4% |
| Thereafter | 6236617 | 5134497 | 446976 | 89.13 | 72.2% |

---

------

<sup>(1)</sup> See page 46 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.

<sup>(4)</sup> Represents 111 Sutter Street.

------

---

| | |
|:---|:---|
| ![img172260412_21.jpg](img172260412_21.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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Lease Expiration** <sup>(2)</sup> | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot** <sup>(3)</sup> | **Annualized Rent** |
| Month to Month | 5298 | 3772 | $505 | $114.44 | 0.1% |
| 4Q 2025 | 161468 | 124027 | 12073 | 97.25 | 2.5% |
| 1Q 2026 | 307355 | 272664 | 20362 | 75.16 | 4.1% |
| 2Q 2026 | 53964 | 47739 | 4174 | 87.40 | 0.9% |
| 3Q 2026 | 45716 | 37866 | 6186 | 91.53 | 1.3% |
| 4Q 2026 | 177630 | 138767 | 11576 | 83.46 | 2.3% |
| Total 2026 | 584665 | 497036 | 42298 | 79.95 | 8.6% |
| 2027 | 155042 | 131050 | 10070 | 76.58 | 2.1% |
| 2028 | 118586 | 79646 | 5862 | 73.12 | 1.2% |
| 2029 | 511142 | 455316 | 36588 | 84.83 | 7.5% |
| Thereafter | 5005868 | 4552811 | 382536 | 86.21 | 78.0% |

---

------

<sup>(1)</sup> See page 46 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_22.jpg](img172260412_22.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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Lease Expiration** <sup>(2)</sup> | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot** <sup>(3)</sup> | **Annualized Rent** |
| Month to Month | 3245 | 1742 | $140 | $117.95 | 0.1% |
| 4Q 2025 | 378075 | 223378 | 20918 | 93.60 | 15.6% |
| 1Q 2026 | 205749 | 98835 | 11358 | 115.80 | 8.5% |
| 2Q 2026 | - | - | - | - | -% |
| 3Q 2026 | 139222 | 67106 | 8156 | 121.51 | 6.1% |
| 4Q 2026 | 250728 | 116057 | 9262 | 79.85 | 6.9% |
| Total 2026 | 595699 | 281998 | 28776 | 102.31 | 21.5% |
| 2027 | 143055 | 74816 | 8177 | 109.18 | 6.1% |
| 2028 | 115282 | 75735 | 6602 | 87.10 | 4.9% |
| 2029 | 76050 | 37819 | 4311 | 113.01 | 3.2% |
| Thereafter | 1253908 | 593034 | 65227 | 110.26 | 48.6% |
| **San Francisco excluding non-core assets** <sup>(4)</sup>**:** | **San Francisco excluding non-core assets** <sup>(4)</sup>**:** |  |  |  |  |
|  | **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** <sup>(1)</sup> | **Annualized Rent** <sup>(1)</sup> | **% of** |
| **Lease Expiration** <sup>(2)</sup> | **of Expiring Leases** | **of Expiring Leases** | **Amount** | **Per Square Foot** <sup>(3)</sup> | **Annualized Rent** |
| Month to Month | 2659 | 1455 | $134 | $117.95 | 0.1% |
| 4Q 2025 | 378075 | 223378 | 20918 | 93.60 | 16.2% |
| 1Q 2026 | 191850 | 92025 | 10945 | 119.62 | 8.5% |
| 2Q 2026 | - | - | - | - | -% |
| 3Q 2026 | 139222 | 67106 | 8156 | 121.51 | 6.3% |
| 4Q 2026 | 250728 | 116057 | 9262 | 79.85 | 7.2% |
| Total 2026 | 581800 | 275188 | 28363 | 103.26 | 22.0% |
| 2027 | 103680 | 55522 | 6182 | 111.18 | 4.8% |
| 2028 | 88397 | 62561 | 5681 | 90.63 | 4.4% |
| 2029 | 48784 | 24458 | 3215 | 129.91 | 2.5% |
| Thereafter | 1230749 | 581686 | 64440 | 111.06 | 50.0% |

---

------

<sup>(1)</sup> See page 46 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.

<sup>(4)</sup> Represents 111 Sutter Street.

------

---

| | |
|:---|:---|
| ![img172260412_23.jpg](img172260412_23.jpg) | **CASH BASIS CAPITAL EXPENDITURES** |

---

(1) (unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Total** <sup>(2)</sup> | **New York** | **San Francisco** <sup>(2)</sup> | **Other** |
| **Capital Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures to maintain assets | $21934 | $11424 | $10501 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation tenant improvements | 17871 | 17715 | 156 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation leasing commissions | 11418 | 10556 | 862 | - |
| **Total Capital Expenditures** | **51223** | **39695** | **11519** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | (9054) | (4063) | (4991) | - |
| **PGRE's share of Total Capital Expenditures** | $**42169** | $**35632** | $**6528** | $**9** |
| **Redevelopment Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | $1826 | $1826 | $- | $- |
| **Total Redevelopment Expenditures** | **1826** | **1826** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | - | - | - | - |
| **PGRE's share of Total Redevelopment Expenditures** | $**1826** | $**1826** | $**-** | $**-** |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Total** <sup>(2)</sup> | **New York** | **San Francisco** <sup>(2)</sup> | **Other** |
| **Capital Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures to maintain assets | $13035 | $10501 | $2491 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation tenant improvements | 5377 | 5377 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation leasing commissions | 6214 | 5615 | 599 | - |
| **Total Capital Expenditures** | **24626** | **21493** | **3090** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | (1273) | (152) | (1121) | - |
| **PGRE's share of Total Capital Expenditures** | $**23353** | $**21341** | $**1969** | $**43** |
| **Redevelopment Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Club | $2373 | $2373 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 636 | 636 | - | - |
| **Total Redevelopment Expenditures** | **3009** | **3009** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | - | - | - | - |
| **PGRE's share of Total Redevelopment Expenditures** | $**3009** | $**3009** | $**-** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Excludes Market Center and 111 Sutter Street.

------

---

| | |
|:---|:---|
| ![img172260412_23.jpg](img172260412_23.jpg) | **CASH BASIS CAPITAL EXPENDITURES** |

---

(1) (unaudited and in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Total** <sup>(2)</sup> | **New York** | **San Francisco** <sup>(2)</sup> | **Other** |
| **Capital Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures to maintain assets | $47281 | $29948 | $17022 | $311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation tenant improvements | 65605 | 60681 | 4924 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation leasing commissions | 35544 | 26273 | 9271 | - |
| **Total Capital Expenditures** | **148430** | **116902** | **31217** | **311** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | (20019) | (8373) | (11646) | - |
| **PGRE's share of Total Capital Expenditures** | $**128411** | $**108529** | $**19571** | $**311** |
| **Redevelopment Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | $4570 | $4570 | $- | $- |
| **Total Redevelopment Expenditures** | **4570** | **4570** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | - | - | - | - |
| **PGRE's share of Total Redevelopment Expenditures** | $**4570** | $**4570** | $**-** | $**-** |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **Total** <sup>(2)</sup> | **New York** | **San Francisco** <sup>(2)</sup> | **Other** |
| **Capital Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures to maintain assets | $33161 | $25749 | $7336 | $76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation tenant improvements | 40819 | 35254 | 5565 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Second generation leasing commissions | 7956 | 7027 | 929 | - |
| **Total Capital Expenditures** | **81936** | **68030** | **13830** | **76** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | (6787) | (571) | (6216) | - |
| **PGRE's share of Total Capital Expenditures** | $**75149** | $**67459** | $**7614** | $**76** |
| **Redevelopment Expenditures (including our share of unconsolidated joint ventures):** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Club | $12190 | $12190 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 951 | 951 | - | - |
| **Total Redevelopment Expenditures** | **13141** | **13141** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to noncontrolling interests in consolidated joint ventures | - | - | - | - |
| **PGRE's share of Total Redevelopment Expenditures** | $**13141** | $**13141** | $**-** | $**-** |

---

------

<sup>(1)</sup> See page 46 for our definition of this measure.

<sup>(2)</sup> Excludes Market Center and 111 Sutter Street.

------

---

| | |
|:---|:---|
| ![img172260412_23.jpg](img172260412_23.jpg) | **RESEARCH COVERAGE** <sup>(1)</sup> |

---

(1) ---

| | | |
|:---|:---|:---|
| <u>Thomas Catherwood</u> | <u>Steve Sakwa</u> | <u>Dylan Burzinski</u> |
| **BTIG** | **Evercore ISI** | **Green Street Advisors** |
| (212) 738-6140 | (212) 446-9462 | (949) 640-8780 |
| tcatherwood@btig.com | steve.sakwa@evercoreisi.com | dburzinski@greenstreet.com |
| <u>Vikram Malhotra</u> | <u>Ronald Kamdem</u> | <u>Blaine Heck</u> |
| **Mizuho Securities USA Inc.** | **Morgan Stanley** | **Wells Fargo** |
| (212) 282-3827 | (212) 296-8319 | (443) 263-6529 |
| vikram.malhotra@mizuhogroup.com | ronald.kamdem@morganstanley.com | blaine.heck@wellsfargo.com |
| <u>Ally Yaseen</u> |  |  |
| **Wolfe Research** |  |  |
| (646) 582-9253 |  |  |
| ayaseen@wolferesearch.com |  |  |

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<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_24.jpg](img172260412_24.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. We present **FFO attributable to common stockholders** which represents the Company's share of FFO, net of amounts attributable to noncontrolling interests.

**Core Funds from Operations ("Core FFO")** is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs, gains or losses on early extinguishment of debt and other non-core adjustments, 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. We present **Core FFO attributable to common stockholders** which represents the Company's share of Core FFO, net of amounts attributable to noncontrolling interests.

**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. We present **FAD attributable to common stockholders** which represents the Company's share of FAD, net of amounts attributable to noncontrolling interests.

**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 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_25.jpg](img172260412_25.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 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 use **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. 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 the 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 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.

**PGRE's Share of Cash and Cash Equivalents and Restricted Cash** represents our share of cash and cash equivalents and restricted cash of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

**PGRE's Share of Net Debt** is calculated by subtracting PGRE's share of cash and cash equivalents and restricted cash from PGRE's Share of Total Debt. **PGRE's share of Net Debt to Annualized Adjusted EBITDAre** is calculated by dividing PGRE's share of Net Debt by PGRE's share of Annualized Adjusted EBITDAre.

**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.

**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 in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled 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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