EX-99.2 3 pgre-ex992_7.htm EX-99.2

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

FOR THE QUARTER ENDED SEPTEMBER 30, 2020

|  | FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the negative impact of the coronavirus 2019 (COVID-19) global pandemic on the U.S., regional and global economies and our tenants' financial condition and results of operations, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, 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, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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|  | TABLE OF CONTENTS

|  | Page
| Company Profile | 4
| Research Coverage | 5
| Selected Financial Information |
|  | Financial Highlights | 6
|  | Consolidated Balance Sheets | 7
|  | Consolidated Statements of Income | 8
|  | Select Income Statement Data | 9
|  | Funds From Operations ("FFO") | 10
|  | Funds Available for Distribution ("FAD") | 11
|  | Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") | 12
|  | Net Operating Income ("NOI") | 13 - 15
|  | Same Store Results | 16 - 19
|  | Consolidated Joint Ventures and Fund | 20 - 25
|  | Unconsolidated Joint Ventures | 26 - 31
|  | Capital Structure | 32
|  | Debt Analysis | 33
|  | Debt Maturities | 34
| Selected Property Data |
|  | Portfolio Summary | 35
|  | Same Store Leased Occupancy |  |  |  | 36 - 37
|  | Top Tenants and Industry Diversification | 38
|  | Leasing Activity | 39 - 40
|  | Lease Expirations | 41 - 44
|  | Cash Basis Capital Expenditures | 45 - 46
| Definitions | 47 - 48

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|  | 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.

EXECUTIVE MANAGEMENT

Albert Behler |  | Chairman, Chief Executive Officer and President |  |
Wilbur Paes |  | Executive Vice President, Chief Financial Officer and Treasurer |  |
Peter Brindley |  | Executive Vice President, Leasing |  |
David Zobel |  | Executive Vice President, Head of Acquisitions |  |
Gage Johnson |  | Senior Vice President, General Counsel and Secretary |  |

BOARD OF DIRECTORS

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

COMPANY INFORMATION

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

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|  | RESEARCH COVERAGE (1)

James Feldman | Thomas Catherwood | Derek Johnston | Steve Sakwa
Bank of America Merrill Lynch | BTIG | Deutsche Bank | Evercore ISI
(646) 855-5808 | (212) 738-6140 | (904) 520-4973 | (212) 446-9462
james.feldman@baml.com | tcatherwood@btig.com | derek.johnston@db.com | steve.sakwa@evercoreisi.com
Richard Skidmore | Daniel Ismail | Omotayo Okusanya | Vikram Malhotra
Goldman Sachs | Green Street Advisors | Mizuho Securities USA Inc. | Morgan Stanley
(801) 741-5459 | (949) 640-8780 | (646) 949-9672 | (212) 761-7064
richard.skidmore@gs.com | dismail@greenst.com | omotayo.okusanya@mizuhogroup.com | vikram.malhotra@morganstanley.com
Blaine Heck |  |  |
Wells Fargo |  |  |
(443) 263-6529 |  |  |
blaine.heck@wellsfargo.com |  |  |

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

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|  | FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

|  |  |  |  |  |  |  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |  |  |  |  |
SELECTED FINANCIAL DATA | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  |  |  |
| Net (loss) income attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Continuing operations | $ | (8,921 | ) |  | $ | 4,336 |  |  | $ | (8,234 | ) |  | $ | (15,187 | ) |  | $ | 6,740 |  |  |  |  |
|  | Discontinued operations |  | 1,963 |  |  |  | 2,746 |  |  |  | 1,964 |  |  |  | 5,307 |  |  |  | 6,506 |  |  |  |  |
| Net (loss) income attributable to common stockholders | $ | (6,958 | ) |  | $ | 7,082 |  |  | $ | (6,270 | ) |  | $ | (9,880 | ) |  | $ | 13,246 |  |  |  |  |
| Net (loss) income per share - basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Per share from continuing operations | $ | (0.04 | ) |  | $ | 0.02 |  |  | $ | (0.04 | ) |  | $ | (0.07 | ) |  | $ | 0.03 |  |  |  |  |
|  | Per share from discontinued operations |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  |  |
| Net (loss) income per share - basic and diluted | $ | (0.03 | ) |  | $ | 0.03 |  |  | $ | (0.03 | ) |  | $ | (0.04 | ) |  | $ | 0.06 |  |  |  |  |
| Core FFO attributable to common stockholders (1) | $ | 49,560 |  |  | $ | 58,540 |  |  | $ | 50,118 |  |  | $ | 161,187 |  |  | $ | 168,892 |  |  |  |  |
|  | Per share - diluted | $ | 0.22 |  |  | $ | 0.25 |  |  | $ | 0.23 |  |  | $ | 0.72 |  |  | $ | 0.72 |  |  | ` |
| PGRE's share of Cash NOI (1) | $ | 92,160 |  |  | $ | 93,551 |  |  | $ | 89,216 |  |  | $ | 279,905 |  |  | $ | 278,432 |  |  |  |  |
| PGRE's share of NOI (1) | $ | 94,621 |  |  | $ | 105,718 |  |  | $ | 98,823 |  |  | $ | 304,001 |  |  | $ | 313,799 |  |  |  |  |
| Same Store Cash NOI (1) | % Change |  |  | Same Store NOI (1) | % Change |
| Three Months Ended September 30, 2020 vs. September 30, 2019 |  | (1.8 | %) |  | Three Months Ended September 30, 2020 vs. September 30, 2019 |  | 1.1 | %
| Nine Months Ended September 30, 2020 vs. September 30, 2019 |  | (0.5 | %) |  | Nine Months Ended September 30, 2020 vs. September 30, 2019 |  | 1.1 | %

PORTFOLIO STATISTICS (at PGRE Share)

|  |  |  |  |  |  |  |  |  |  |  | As of |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |  |  | December 31, 2019 |  |  | September 30, 2019 |  |  |  |  |
| Leased % (1) |  | 95.5 | % |  |  | 95.6 | % |  |  | 95.9 | % |  |  | 95.9 | % |  |  | 96.5 | % |  |  |  |
| Same Store Leased % (1) | % Change |  |  | Same Store Leased % (1) | % Change |
| September 30, 2020 vs. June 30, 2020 |  | (0.1 | %) |  | September 30, 2020 vs. September 30, 2019 |  | (0.8 | %)
| September 30, 2020 vs. December 31, 2019 |  | (0.3 | %) |  |  |  |  |

COMMON SHARE DATA

|  |  |  |  |  |  |  |  |  |  |  | Three Months Ended |  |  |
| Share Price: | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |  |  | December 31, 2019 |  |  | September 30, 2019 |  |  |
|  | High | $ | 7.99 |  |  | $ | 10.38 |  |  | $ | 15.00 |  |  | $ | 13.99 |  |  | $ | 14.42 |  |  |
|  | Low | $ | 6.69 |  |  | $ | 6.95 |  |  | $ | 6.42 |  |  | $ | 12.65 |  |  | $ | 12.77 |  |  |
|  | Closing (end of period) | $ | 7.08 |  |  | $ | 7.71 |  |  | $ | 8.80 |  |  | $ | 13.92 |  |  | $ | 13.35 |  |  |
| Dividends per common share | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  |
| Annualized dividends per common share | $ | 0.40 |  |  | $ | 0.40 |  |  | $ | 0.40 |  |  | $ | 0.40 |  |  | $ | 0.40 |  |  |
| Dividend yield (on closing share price) |  | 5.6 | % |  |  | 5.2 | % |  |  | 4.5 | % |  |  | 2.9 | % |  |  | 3.0 | % |  |

(1) | See page 47 for our definition of this measure.

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|  | CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  |  |  | September 30, 2020 |  |  | December 31, 2019 |
Assets: |  |  |  |  |  |  |
| Real estate, at cost: |  |  |  |  |  |  |
|  | Land | $ | 1,966,237 |  |  | $ | 1,966,237 |
|  | Buildings and improvements |  | 5,969,297 |  |  |  | 5,923,648 |
|  |  |  |  |  |  |  |  | 7,935,534 |  |  |  | 7,889,885 |
|  | Accumulated depreciation and amortization |  | (920,078 | ) |  |  | (790,216 | )
| Real estate, net |  | 7,015,456 |  |  |  | 7,099,669 |
| Cash and cash equivalents |  | 515,942 |  |  |  | 306,215 |
| Restricted cash |  | 30,965 |  |  |  | 25,272 |
| Investments in unconsolidated joint ventures |  | 417,592 |  |  |  | 449,180 |
| Investments in unconsolidated real estate funds |  | 12,867 |  |  |  | 10,317 |
| Accounts and other receivables |  | 15,289 |  |  |  | 19,231 |
| Due from affiliates |  | - |  |  |  | 36,918 |
| Deferred rent receivable |  | 326,050 |  |  |  | 301,588 |
| Deferred charges, net |  | 120,211 |  |  |  | 126,367 |
| Intangible assets, net |  | 167,675 |  |  |  | 203,169 |
| Assets related to discontinued operations |  | 103,787 |  |  |  | 104,836 |
| Other assets |  | 80,660 |  |  |  | 51,373 |
Total assets | $ | 8,806,494 |  |  | $ | 8,734,135 |
Liabilities: |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 3,798,944 |  |  | $ | 3,783,851 |
| Revolving credit facility |  | 200,000 |  |  |  | 36,918 |
| Accounts payable and accrued expenses |  | 109,228 |  |  |  | 117,356 |
| Dividends and distributions payable |  | 24,173 |  |  |  | 25,255 |
| Intangible liabilities, net |  | 61,485 |  |  |  | 73,789 |
| Other liabilities |  | 59,531 |  |  |  | 66,004 |
Total liabilities |  | 4,253,361 |  |  |  | 4,103,173 |
Equity: |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  | 3,690,246 |  |  |  | 3,785,730 |
| Noncontrolling interests in: |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | 436,576 |  |  |  | 360,778 |
|  | Consolidated real estate fund |  | 79,168 |  |  |  | 72,396 |
|  | Operating Partnership |  | 347,143 |  |  |  | 412,058 |
Total equity |  | 4,553,133 |  |  |  | 4,630,962 |
Total liabilities and equity | $ | 8,806,494 |  |  | $ | 8,734,135 |

- 7 -

|  | CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Rental revenue (1) | $ | 165,420 |  |  | $ | 181,115 |  |  | $ | 163,989 |  |  | $ | 504,834 |  |  | $ | 530,500 |
| Fee and other income (1) |  | 11,355 |  |  |  | 10,138 |  |  |  | 7,129 |  |  |  | 27,045 |  |  |  | 26,485 |
Total revenues |  | 176,775 |  |  |  | 191,253 |  |  |  | 171,118 |  |  |  | 531,879 |  |  |  | 556,985 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating |  | 67,865 |  |  |  | 68,846 |  |  |  | 64,313 |  |  |  | 199,192 |  |  |  | 199,043 |
| Depreciation and amortization |  | 58,889 |  |  |  | 60,696 |  |  |  | 58,716 |  |  |  | 176,032 |  |  |  | 181,685 |
| General and administrative (1) |  | 16,805 |  |  |  | 16,319 |  |  |  | 17,901 |  |  |  | 46,955 |  |  |  | 51,457 |
| Transaction related costs |  | 81 |  |  |  | 786 |  |  |  | 258 |  |  |  | 542 |  |  |  | 1,704 |
Total expenses |  | 143,640 |  |  |  | 146,647 |  |  |  | 141,188 |  |  |  | 422,721 |  |  |  | 433,889 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loss from unconsolidated joint ventures |  | (4,268 | ) |  |  | (1,332 | ) |  |  | (5,955 | ) |  |  | (14,444 | ) |  |  | (2,815 | )
| (Loss) income from unconsolidated real estate funds |  | (56 | ) |  |  | 206 |  |  |  | 89 |  |  |  | 85 |  |  |  | 271 |
| Interest and other income, net (1) |  | 1,104 |  |  |  | 1,222 |  |  |  | 2,252 |  |  |  | 2,360 |  |  |  | 7,705 |
| Interest and debt expense (1) |  | (35,792 | ) |  |  | (37,325 | ) |  |  | (36,009 | ) |  |  | (108,420 | ) |  |  | (111,462 | )
(Loss) income from continuing operations, before income taxes |  | (5,877 | ) |  |  | 7,377 |  |  |  | (9,693 | ) |  |  | (11,261 | ) |  |  | 16,795 |
| Income tax (expense) benefit |  | (393 | ) |  |  | 583 |  |  |  | (138 | ) |  |  | (1,135 | ) |  |  | (823 | )
(Loss) income from continuing operations, net |  | (6,270 | ) |  |  | 7,960 |  |  |  | (9,831 | ) |  |  | (12,396 | ) |  |  | 15,972 |
Income from discontinued operations, net |  | 2,147 |  |  |  | 3,040 |  |  |  | 2,147 |  |  |  | 5,815 |  |  |  | 7,202 |
Net (loss) income |  | (4,123 | ) |  |  | 11,000 |  |  |  | (7,684 | ) |  |  | (6,581 | ) |  |  | 23,174 |
Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated joint ventures |  | (3,566 | ) |  |  | (3,051 | ) |  |  | (405 | ) |  |  | (5,485 | ) |  |  | (8,253 | )
| Consolidated real estate fund |  | 79 |  |  |  | (109 | ) |  |  | 1,235 |  |  |  | 1,291 |  |  |  | (256 | )
| Operating Partnership |  | 652 |  |  |  | (758 | ) |  |  | 584 |  |  |  | 895 |  |  |  | (1,419 | )
Net (loss) income attributable to common stockholders | $ | (6,958 | ) |  | $ | 7,082 |  |  | $ | (6,270 | ) |  | $ | (9,880 | ) |  | $ | 13,246 |
Net (loss) income per diluted share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (Loss) income from continuing operations, net | $ | (0.04 | ) |  | $ | 0.02 |  |  | $ | (0.04 | ) |  | $ | (0.07 | ) |  | $ | 0.03 |
| Income from discontinued operations, net |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.03 |  |  |  | 0.03 |
Net (loss) income per diluted share | $ | (0.03 | ) |  | $ | 0.03 |  |  | $ | (0.03 | ) |  | $ | (0.04 | ) |  | $ | 0.06 |

(1) | See page 9 for details.

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|  | SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
Rental Revenue: | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
| Property rentals | $ | 146,721 |  |  | $ | 149,953 |  |  | $ | 143,422 |  |  | $ | 439,281 |  |  | $ | 444,710 |
| Tenant reimbursements |  | 12,222 |  |  |  | 15,689 |  |  |  | 10,099 |  |  |  | 36,370 |  |  |  | 41,074 |
| Straight-line rent adjustments |  | 4,567 |  |  |  | 11,369 |  |  |  | 9,233 |  |  |  | 24,495 |  |  |  | 33,650 |
| Amortization of above and below-market leases, net |  | 1,910 |  |  |  | 2,571 |  |  |  | 1,235 |  |  |  | 4,688 |  |  |  | 8,614 |
| Lease termination income |  | - |  |  |  | 1,533 |  |  |  | - |  |  |  | - |  |  |  | 2,452 |
Total rental revenue | $ | 165,420 |  |  | $ | 181,115 |  |  | $ | 163,989 |  |  | $ | 504,834 |  |  | $ | 530,500 |

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
Fee and Other Income: | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
| Property management | $ | 2,270 |  |  | $ | 1,692 |  |  | $ | 2,239 |  |  | $ | 6,959 |  |  | $ | 4,933 |
| Asset management |  | 3,636 |  |  |  | 2,665 |  |  |  | 3,571 |  |  |  | 10,728 |  |  |  | 7,273 |
| Acquisition, disposition and leasing |  | 2,586 |  |  |  | 2,104 |  |  |  | - |  |  |  | 2,586 |  |  |  | 3,435 |
| Other |  | 661 |  |  |  | 698 |  |  |  | 399 |  |  |  | 1,419 |  |  |  | 1,730 |
| Total fee income |  | 9,153 |  |  |  | 7,159 |  |  |  | 6,209 |  |  |  | 21,692 |  |  |  | 17,371 |
| Other (primarily parking income and tenant requested services, including |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | overtime heating and cooling) |  | 2,202 |  |  |  | 2,979 |  |  |  | 920 |  |  |  | 5,353 |  |  |  | 9,114 |
Total fee and other income | $ | 11,355 |  |  | $ | 10,138 |  |  | $ | 7,129 |  |  | $ | 27,045 |  |  | $ | 26,485 |

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
General and Administrative: | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
| General and administrative expenses | $ | 16,065 |  |  | $ | 16,169 |  |  | $ | 16,077 |  |  | $ | 46,375 |  |  | $ | 48,396 |
| Mark-to-market of deferred compensation plan liabilities (offset by an |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | increase (decrease) in the mark-to-market of plan assets, which is |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | included in "interest and other income, net") |  | 740 |  |  |  | 150 |  |  |  | 1,824 |  |  |  | 580 |  |  |  | 3,061 |
Total general and administrative | $ | 16,805 |  |  | $ | 16,319 |  |  | $ | 17,901 |  |  | $ | 46,955 |  |  | $ | 51,457 |

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
Interest and Other Income, net: | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
| Interest income, net | $ | 364 |  |  | $ | 1,072 |  |  | $ | 428 |  |  | $ | 1,780 |  |  | $ | 4,190 |
| Mark-to-market of deferred compensation plan assets (offset by an |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | increase (decrease) in the mark-to-market of plan assets, which is |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | included in "general and administrative" expenses) |  | 740 |  |  |  | 150 |  |  |  | 1,824 |  |  |  | 580 |  |  |  | 3,061 |
| Preferred equity investment income (1) |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 454 |
Total interest and other income, net | $ | 1,104 |  |  | $ | 1,222 |  |  | $ | 2,252 |  |  | $ | 2,360 |  |  | $ | 7,705 |

(1) | Represents 100% of the investment income from a preferred equity investment that was redeemed on March 1, 2019.

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
Interest and Debt Expense: | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
| Interest expense | $ | 33,472 |  |  | $ | 34,501 |  |  | $ | 33,690 |  |  | $ | 101,463 |  |  | $ | 103,012 |
| Amortization of deferred financing costs |  | 2,320 |  |  |  | 2,824 |  |  |  | 2,319 |  |  |  | 6,957 |  |  |  | 8,450 |
Total interest and debt expense | $ | 35,792 |  |  | $ | 37,325 |  |  | $ | 36,009 |  |  | $ | 108,420 |  |  | $ | 111,462 |

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|  | FFO

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

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Reconciliation of net (loss) income to FFO and Core FFO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (4,123 | ) |  | $ | 11,000 |  |  | $ | (7,684 | ) |  | $ | (6,581 | ) |  | $ | 23,174 |
| Real estate depreciation and amortization (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | of unconsolidated joint ventures) |  | 71,131 |  |  |  | 65,099 |  |  |  | 70,546 |  |  |  | 212,617 |  |  |  | 192,508 |
| Adjustments related to discontinued operations |  | - |  |  |  | 1,222 |  |  |  | - |  |  |  | 690 |  |  |  | 5,947 |
| FFO (1) |  | 67,008 |  |  |  | 77,321 |  |  |  | 62,862 |  |  |  | 206,726 |  |  |  | 221,629 |
| Less FFO attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (12,695 | ) |  |  | (12,142 | ) |  |  | (8,711 | ) |  |  | (30,375 | ) |  |  | (35,167 | )
|  | Consolidated real estate fund |  | 79 |  |  |  | (109 | ) |  |  | 1,235 |  |  |  | 1,291 |  |  |  | (256 | )
| FFO attributable to Paramount Group Operating Partnership |  | 54,392 |  |  |  | 65,070 |  |  |  | 55,386 |  |  |  | 177,642 |  |  |  | 186,206 |
| Less FFO attributable to noncontrolling interests in Operating Partnership |  | (4,659 | ) |  |  | (6,294 | ) |  |  | (4,723 | ) |  |  | (15,660 | ) |  |  | (17,997 | )
| FFO attributable to common stockholders (1) | $ | 49,733 |  |  | $ | 58,776 |  |  | $ | 50,663 |  |  | $ | 161,982 |  |  | $ | 168,209 |
| Per diluted share | $ | 0.22 |  |  | $ | 0.25 |  |  | $ | 0.23 |  |  | $ | 0.72 |  |  | $ | 0.72 |
| FFO | $ | 67,008 |  |  | $ | 77,321 |  |  | $ | 62,862 |  |  | $ | 206,726 |  |  | $ | 221,629 |
| Non-core items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Our share of distributions from 712 Fifth Avenue in excess of earnings |  | (498 | ) |  |  | (976 | ) |  |  | (920 | ) |  |  | (1,806 | ) |  |  | (1,037 | )
|  | Other, net |  | 308 |  |  |  | 715 |  |  |  | 324 |  |  |  | 935 |  |  |  | 1,798 |
| Core FFO (1) |  | 66,818 |  |  |  | 77,060 |  |  |  | 62,266 |  |  |  | 205,855 |  |  |  | 222,390 |
| Less Core FFO attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (12,695 | ) |  |  | (12,142 | ) |  |  | (8,711 | ) |  |  | (30,375 | ) |  |  | (35,167 | )
|  | Consolidated real estate fund |  | 79 |  |  |  | (109 | ) |  |  | 1,235 |  |  |  | 1,291 |  |  |  | (256 | )
| Core FFO attributable to Paramount Group Operating Partnership |  | 54,202 |  |  |  | 64,809 |  |  |  | 54,790 |  |  |  | 176,771 |  |  |  | 186,967 |
| Less Core FFO attributable to noncontrolling interests in Operating Partnership |  | (4,642 | ) |  |  | (6,269 | ) |  |  | (4,672 | ) |  |  | (15,584 | ) |  |  | (18,075 | )
| Core FFO attributable to common stockholders (1) | $ | 49,560 |  |  | $ | 58,540 |  |  | $ | 50,118 |  |  | $ | 161,187 |  |  | $ | 168,892 |
| Per diluted share | $ | 0.22 |  |  | $ | 0.25 |  |  | $ | 0.23 |  |  | $ | 0.72 |  |  | $ | 0.72 |
Reconciliation of weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average shares outstanding |  | 221,461,146 |  |  |  | 231,197,838 |  |  |  | 221,573,199 |  |  |  | 223,593,376 |  |  |  | 232,974,210 |
| Effect of dilutive securities |  | 6,025 |  |  |  | 32,101 |  |  |  | 4,225 |  |  |  | 14,740 |  |  |  | 30,707 |
| Denominator for FFO and Core FFO per diluted share |  | 221,467,171 |  |  |  | 231,229,939 |  |  |  | 221,577,424 |  |  |  | 223,608,116 |  |  |  | 233,004,917 |

| (1) | See page 47 for our definition of this measure.

- 10 -

|  | FAD

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |  |
|  |  |  |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |  |
Reconciliation of Core FFO to FAD: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Core FFO | $ | 66,818 |  |  | $ | 77,060 |  |  | $ | 62,266 |  |  | $ | 205,855 |  |  | $ | 222,390 |  |
| Add (subtract) adjustments to arrive at FAD: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Straight-line rent adjustments (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | (5,523 | ) |  |  | (11,556 | ) |  |  | (10,037 | ) |  |  | (27,364 | ) |  |  | (34,362 | ) |
|  | Amortization of above and below-market leases, net (including |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | our share of unconsolidated joint ventures) |  | (2,986 | ) |  |  | (2,787 | ) |  |  | (1,701 | ) |  |  | (7,519 | ) |  |  | (8,772 | ) |
|  | Amortization of deferred financing costs (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | 2,624 |  |  |  | 2,980 |  |  |  | 2,651 |  |  |  | 7,905 |  |  |  | 8,883 |  |
|  | Amortization of stock-based compensation expense |  | 4,503 |  |  |  | 5,174 |  |  |  | 4,241 |  |  |  | 14,141 |  |  |  | 17,859 |  |
|  | Expenditures to maintain assets |  | (5,139 | ) |  |  | (4,141 | ) |  |  | (3,861 | ) |  |  | (13,709 | ) |  |  | (14,366 | ) |
|  | Second generation tenant improvements and leasing commissions |  | (6,590 | ) |  |  | (10,481 | ) |  |  | (10,762 | ) |  |  | (41,285 | ) |  |  | (39,675 | ) |
|  | Adjustments related to discontinued operations |  | 128 |  |  |  | (1,002 | ) |  |  | 114 |  |  |  | 361 |  |  |  | (1,748 | ) |
| FAD (1) |  | 53,835 |  |  |  | 55,247 |  |  |  | 42,911 |  |  |  | 138,385 |  |  |  | 150,209 |  |
| Less FAD attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (5,689 | ) |  |  | (5,291 | ) |  |  | (3,066 | ) |  |  | (11,453 | ) |  |  | (16,589 | ) |
|  | Consolidated real estate fund |  | 79 |  |  |  | (109 | ) |  |  | 1,235 |  |  |  | 1,291 |  |  |  | (256 | ) |
| FAD attributable to Paramount Group Operating Partnership |  | 48,225 |  |  |  | 49,847 |  |  |  | 41,080 |  |  |  | 128,223 |  |  |  | 133,364 |  |
| Less FAD attributable to noncontrolling interests in Operating Partnership |  | (4,131 | ) |  |  | (4,821 | ) |  |  | (3,503 | ) |  |  | (11,234 | ) |  |  | (12,895 | ) |
| FAD attributable to common stockholders (1) (2) | $ | 44,094 |  |  | $ | 45,026 |  |  | $ | 37,577 |  |  | $ | 116,989 |  |  | $ | 120,469 |  |
| Dividends declared on common stock | $ | 22,060 |  |  | $ | 22,795 |  |  | $ | 22,176 |  |  | $ | 66,482 |  |  | $ | 69,682 |  |

(1) | See page 47 for our definition of this measure.

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

- 11 -

|  | EBITDAre

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Reconciliation of net (loss) income to EBITDAre and Adjusted EBITDAre: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (4,123 | ) |  | $ | 11,000 |  |  | $ | (7,684 | ) |  | $ | (6,581 | ) |  | $ | 23,174 |
| Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Depreciation and amortization (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | 71,131 |  |  |  | 65,099 |  |  |  | 70,546 |  |  |  | 212,617 |  |  |  | 192,508 |
|  | Interest and debt expense (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | 41,224 |  |  |  | 40,270 |  |  |  | 41,412 |  |  |  | 124,757 |  |  |  | 119,263 |
|  | Income tax expense (benefit) (including our share of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | unconsolidated joint ventures) |  | 394 |  |  |  | (584 | ) |  |  | 140 |  |  |  | 1,152 |  |  |  | 825 |
|  | Adjustments related to discontinued operations |  | 10 |  |  |  | 1,222 |  |  |  | - |  |  |  | 700 |  |  |  | 5,947 |
| EBITDAre (1) |  | 108,636 |  |  |  | 117,007 |  |  |  | 104,414 |  |  |  | 332,645 |  |  |  | 341,717 |
| Less EBITDAre attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (20,452 | ) |  |  | (18,829 | ) |  |  | (15,750 | ) |  |  | (51,995 | ) |  |  | (55,077 | )
|  | Consolidated real estate fund |  | 78 |  |  |  | (109 | ) |  |  | 1,211 |  |  |  | 1,158 |  |  |  | (261 | )
| PGRE's share of EBITDAre (1) | $ | 88,262 |  |  | $ | 98,069 |  |  | $ | 89,875 |  |  | $ | 281,808 |  |  | $ | 286,379 |
| EBITDAre | $ | 108,636 |  |  | $ | 117,007 |  |  | $ | 104,414 |  |  | $ | 332,645 |  |  | $ | 341,717 |
| Add (subtract) adjustments to arrive at Adjusted EBITDAre: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Our share of distributions from 712 Fifth Avenue in excess of earnings |  | (498 | ) |  |  | (976 | ) |  |  | (920 | ) |  |  | (1,806 | ) |  |  | (1,037 | )
|  | Other, net |  | 251 |  |  |  | 513 |  |  |  | 1,611 |  |  |  | 1,891 |  |  |  | 1,303 |
| Adjusted EBITDAre (1) |  | 108,389 |  |  |  | 116,544 |  |  |  | 105,105 |  |  |  | 332,730 |  |  |  | 341,983 |
| Less Adjusted EBITDAre attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (20,452 | ) |  |  | (18,829 | ) |  |  | (15,750 | ) |  |  | (51,995 | ) |  |  | (55,077 | )
| PGRE's share of Adjusted EBITDAre (1) | $ | 87,937 |  |  | $ | 97,715 |  |  | $ | 89,355 |  |  | $ | 280,735 |  |  | $ | 286,906 |

(1) | See page 47 for our definition of this measure.

- 12 -

|  | NOI

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  |  | September 30, 2020 |  |  | September 30, 2019 |  |  | June 30, 2020 |  |  | September 30, 2020 |  |  | September 30, 2019 |
Reconciliation of net (loss) income to NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (4,123 | ) |  | $ | 11,000 |  |  | $ | (7,684 | ) |  | $ | (6,581 | ) |  | $ | 23,174 |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Depreciation and amortization |  | 58,889 |  |  |  | 60,696 |  |  |  | 58,716 |  |  |  | 176,032 |  |  |  | 181,685 |
|  | General and administrative |  | 16,805 |  |  |  | 16,319 |  |  |  | 17,901 |  |  |  | 46,955 |  |  |  | 51,457 |
|  | Interest and debt expense |  | 35,792 |  |  |  | 37,325 |  |  |  | 36,009 |  |  |  | 108,420 |  |  |  | 111,462 |
|  | Income tax expense (benefit) |  | 393 |  |  |  | (583 | ) |  |  | 138 |  |  |  | 1,135 |  |  |  | 823 |
|  | NOI from unconsolidated joint ventures |  | 12,935 |  |  |  | 4,973 |  |  |  | 10,376 |  |  |  | 36,703 |  |  |  | 14,569 |
|  | Loss from unconsolidated joint ventures |  | 4,268 |  |  |  | 1,332 |  |  |  | 5,955 |  |  |  | 14,444 |  |  |  | 2,815 |
|  | Fee income |  | (9,153 | ) |  |  | (7,159 | ) |  |  | (6,209 | ) |  |  | (21,692 | ) |  |  | (17,371 | )
|  | Interest and other income, net |  | (1,104 | ) |  |  | (1,222 | ) |  |  | (2,252 | ) |  |  | (2,360 | ) |  |  | (7,705 | )
|  | Adjustments related to discontinued operations |  | 10 |  |  |  | 1,222 |  |  |  | - |  |  |  | 700 |  |  |  | 5,947 |
|  | Other, net |  | 137 |  |  |  | 580 |  |  |  | 169 |  |  |  | 457 |  |  |  | 1,433 |
| NOI (1) |  | 114,849 |  |  |  | 124,483 |  |  |  | 113,119 |  |  |  | 354,213 |  |  |  | 368,289 |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (20,433 | ) |  |  | (18,765 | ) |  |  | (15,733 | ) |  |  | (51,857 | ) |  |  | (54,513 | )
|  | Consolidated real estate fund |  | 205 |  |  |  | - |  |  |  | 1,437 |  |  |  | 1,645 |  |  |  | 23 |
| PGRE's share of NOI (1) | $ | 94,621 |  |  | $ | 105,718 |  |  | $ | 98,823 |  |  | $ | 304,001 |  |  | $ | 313,799 |
| NOI | $ | 114,849 |  |  | $ | 124,483 |  |  | $ | 113,119 |  |  | $ | 354,213 |  |  | $ | 368,289 |
| Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Straight-line rent adjustments (including our share of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | unconsolidated joint ventures) |  | (5,523 | ) |  |  | (11,556 | ) |  |  | (10,037 | ) |  |  | (27,364 | ) |  |  | (34,362 | )
|  | Amortization of above and below-market leases, net (including |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | our share of unconsolidated joint ventures) |  | (2,986 | ) |  |  | (2,787 | ) |  |  | (1,701 | ) |  |  | (7,519 | ) |  |  | (8,772 | )
|  | Adjustments related to discontinued operations |  | 128 |  |  |  | 91 |  |  |  | 114 |  |  |  | 361 |  |  |  | 302 |
| Cash NOI (1) |  | 106,468 |  |  |  | 110,231 |  |  |  | 101,495 |  |  |  | 319,691 |  |  |  | 325,457 |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (14,513 | ) |  |  | (16,680 | ) |  |  | (13,716 | ) |  |  | (41,431 | ) |  |  | (47,048 | )
|  | Consolidated real estate fund |  | 205 |  |  |  | - |  |  |  | 1,437 |  |  |  | 1,645 |  |  |  | 23 |
| PGRE's share of Cash NOI (1) | $ | 92,160 |  |  | $ | 93,551 |  |  | $ | 89,216 |  |  | $ | 279,905 |  |  | $ | 278,432 |

(1) | See page 47 for our definition of this measure.

- 13 -

|  | NOI

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended September 30, 2020 |  |
|  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
Reconciliation of net (loss) income to NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (4,123 | ) |  | $ | (4,076 | ) |  | $ | 9,765 |  |  | $ | (9,812 | ) |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Depreciation and amortization |  | 58,889 |  |  |  | 39,942 |  |  |  | 17,787 |  |  |  | 1,160 |  |
|  | General and administrative |  | 16,805 |  |  |  | - |  |  |  | - |  |  |  | 16,805 |  |
|  | Interest and debt expense |  | 35,792 |  |  |  | 21,585 |  |  |  | 12,492 |  |  |  | 1,715 |  |
|  | Income tax expense |  | 393 |  |  |  | 3 |  |  |  | 7 |  |  |  | 383 |  |
|  | NOI from unconsolidated joint ventures |  | 12,935 |  |  |  | 3,116 |  |  |  | 10,019 |  |  |  | (200 | ) |
|  | Loss (income) from unconsolidated joint ventures |  | 4,268 |  |  |  | (239 | ) |  |  | 4,251 |  |  |  | 256 |  |
|  | Fee income |  | (9,153 | ) |  |  | - |  |  |  | - |  |  |  | (9,153 | ) |
|  | Interest and other income, net |  | (1,104 | ) |  |  | - |  |  |  | (41 | ) |  |  | (1,063 | ) |
|  | Adjustments related to discontinued operations |  | 10 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |
|  | Other, net |  | 137 |  |  |  | - |  |  |  | - |  |  |  | 137 |  |
| NOI (1) |  | 114,849 |  |  |  | 60,331 |  |  |  | 54,280 |  |  |  | 238 |  |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (20,433 | ) |  |  | (1,443 | ) |  |  | (18,979 | ) |  |  | (11 | ) |
|  | Consolidated real estate fund |  | 205 |  |  |  | - |  |  |  | - |  |  |  | 205 |  |
| PGRE's share of NOI for the three months ended September 30, 2020 | $ | 94,621 |  |  | $ | 58,888 |  |  | $ | 35,301 |  |  | $ | 432 |  |
| PGRE's share of NOI for the three months ended September 30, 2019 | $ | 105,718 |  |  | $ | 75,316 |  |  | $ | 27,272 |  |  | $ | 3,130 |  |
| NOI | $ | 114,849 |  |  | $ | 60,331 |  |  | $ | 54,280 |  |  | $ | 238 |  |
| Add (subtract) adjustments to arrive at Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Straight-line rent adjustments (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | (5,523 | ) |  |  | 4,134 |  |  |  | (9,628 | ) |  |  | (29 | ) |
|  | Amortization of above and below-market leases, net (including |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | our share of unconsolidated joint ventures) |  | (2,986 | ) |  |  | 79 |  |  |  | (3,065 | ) |  |  | - |  |
|  | Adjustments related to discontinued operations |  | 128 |  |  |  | - |  |  |  | - |  |  |  | 128 |  |
| Cash NOI (1) |  | 106,468 |  |  |  | 64,544 |  |  |  | 41,587 |  |  |  | 337 |  |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (14,513 | ) |  |  | (1,768 | ) |  |  | (12,734 | ) |  |  | (11 | ) |
|  | Consolidated real estate fund |  | 205 |  |  |  | - |  |  |  | - |  |  |  | 205 |  |
| PGRE's share of Cash NOI for the three months ended September 30, 2020 | $ | 92,160 |  |  | $ | 62,776 |  |  | $ | 28,853 |  |  | $ | 531 |  |
| PGRE's share of Cash NOI for the three months ended September 30, 2019 | $ | 93,551 |  |  | $ | 67,159 |  |  | $ | 23,193 |  |  | $ | 3,199 |  |

(1) | See page 47 for our definition of this measure.

- 14 -

|  | NOI

(unaudited and in thousands)

|  |  |  |  |  | Nine Months Ended September 30, 2020 |  |
|  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
Reconciliation of net (loss) income to NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (6,581 | ) |  | $ | 7,594 |  |  | $ | 19,839 |  |  | $ | (34,014 | ) |
| Add (subtract) adjustments to arrive at NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Depreciation and amortization |  | 176,032 |  |  |  | 119,888 |  |  |  | 52,794 |  |  |  | 3,350 |  |
|  | General and administrative |  | 46,955 |  |  |  | - |  |  |  | - |  |  |  | 46,955 |  |
|  | Interest and debt expense |  | 108,420 |  |  |  | 66,121 |  |  |  | 37,377 |  |  |  | 4,922 |  |
|  | Income tax expense |  | 1,135 |  |  |  | 3 |  |  |  | - |  |  |  | 1,132 |  |
|  | NOI from unconsolidated joint ventures |  | 36,703 |  |  |  | 8,740 |  |  |  | 29,566 |  |  |  | (1,603 | ) |
|  | Loss (income) from unconsolidated joint ventures |  | 14,444 |  |  |  | (377 | ) |  |  | 13,050 |  |  |  | 1,771 |  |
|  | Fee income |  | (21,692 | ) |  |  | - |  |  |  | - |  |  |  | (21,692 | ) |
|  | Interest and other income, net |  | (2,360 | ) |  |  | - |  |  |  | (278 | ) |  |  | (2,082 | ) |
|  | Adjustments related to discontinued operations |  | 700 |  |  |  | - |  |  |  | - |  |  |  | 700 |  |
|  | Other, net |  | 457 |  |  |  | - |  |  |  | - |  |  |  | 457 |  |
| NOI (1) |  | 354,213 |  |  |  | 201,969 |  |  |  | 152,348 |  |  |  | (104 | ) |
| Less NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (51,857 | ) |  |  | (1,873 | ) |  |  | (49,973 | ) |  |  | (11 | ) |
|  | Consolidated real estate fund |  | 1,645 |  |  |  | - |  |  |  | - |  |  |  | 1,645 |  |
| PGRE's share of NOI for the nine months ended September 30, 2020 | $ | 304,001 |  |  | $ | 200,096 |  |  | $ | 102,375 |  |  | $ | 1,530 |  |
| PGRE's share of NOI for the nine months ended September 30, 2019 | $ | 313,799 |  |  | $ | 228,089 |  |  | $ | 75,227 |  |  | $ | 10,483 |  |
| NOI | $ | 354,213 |  |  | $ | 201,969 |  |  | $ | 152,348 |  |  | $ | (104 | ) |
| Add (subtract) adjustments to arrive at Cash NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Straight-line rent adjustments (including our share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | of unconsolidated joint ventures) |  | (27,364 | ) |  |  | (8,044 | ) |  |  | (19,344 | ) |  |  | 24 |  |
|  | Amortization of above and below-market leases, net (including |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | our share of unconsolidated joint ventures) |  | (7,519 | ) |  |  | 855 |  |  |  | (8,374 | ) |  |  | - |  |
|  | Adjustments related to discontinued operations |  | 361 |  |  |  | - |  |  |  | - |  |  |  | 361 |  |
| Cash NOI (1) |  | 319,691 |  |  |  | 194,780 |  |  |  | 124,630 |  |  |  | 281 |  |
| Less Cash NOI attributable to noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | (41,431 | ) |  |  | (2,272 | ) |  |  | (39,148 | ) |  |  | (11 | ) |
|  | Consolidated real estate fund |  | 1,645 |  |  |  | - |  |  |  | - |  |  |  | 1,645 |  |
| PGRE's share of Cash NOI for the nine months ended September 30, 2020 | $ | 279,905 |  |  | $ | 192,508 |  |  | $ | 85,482 |  |  | $ | 1,915 |  |
| PGRE's share of Cash NOI for the nine months ended September 30, 2019 | $ | 278,432 |  |  | $ | 202,338 |  |  | $ | 65,286 |  |  | $ | 10,808 |  |

(1) | See page 47 for our definition of this measure.

- 15 -

|  | SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI (1) | Three Months Ended September 30, 2020 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of Cash NOI for the three months ended September 30, 2020 | $ | 92,160 |  |  | $ | 62,776 |  |  | $ | 28,853 |  |  | $ | 531 |  |
|  | Acquisitions (2) |  | (5,899 | ) |  |  | - |  |  |  | (5,899 | ) |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (2,285 | ) |  |  | - |  |  |  | - |  |  |  | (2,285 | ) | (3)
|  | Lease termination income and other, net |  | 1,801 |  |  |  | (101 | ) |  |  | 148 |  |  |  | 1,754 |  |
| PGRE's share of Same Store Cash NOI for the three months ended September 30, 2020 | $ | 85,777 |  |  | $ | 62,675 |  |  | $ | 23,102 |  |  | $ | - |  |

|  |  |  |  |  |  | Three Months Ended September 30, 2019 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of Cash NOI for the three months ended September 30, 2019 | $ | 93,551 |  |  | $ | 67,159 |  |  | $ | 23,193 |  |  | $ | 3,199 |  |
|  | Acquisitions |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (6,760 | ) |  |  | (2,407 | ) | (4) |  | - |  |  |  | (4,353 | ) | (3)
|  | Reserves for uncollectible accounts receivable (5) |  | 172 |  |  |  | 174 |  |  |  | (2 | ) |  |  | - |  |
|  | Lease termination income and other, net |  | 403 |  |  |  | - |  |  |  | (751 | ) |  |  | 1,154 |  |
| PGRE's share of Same Store Cash NOI for the three months ended September 30, 2019 | $ | 87,366 |  |  | $ | 64,926 |  |  | $ | 22,440 |  |  | $ | - |  |

| (Decrease) increase in PGRE's share of Same Store Cash NOI | $ | (1,589 | ) |  | $ | (2,251 | ) |  | $ | 662 |  |  | $ | - |  |
| % (Decrease) increase |  | (1.8 | %) |  |  | (3.5 | %) |  |  | 3.0 | % |  |  |  |  |

(1) | See page 47 for our definition of this measure.

(2) | Represents our share of Same Store Cash NOI attributable to acquired properties (Market Center and 55 Second Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

(3) | Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

(4) | Represents Cash NOI attributable to 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

(5) | Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within “other”.

- 16 -

|  | SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI (1) | Three Months Ended September 30, 2020 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of NOI for the three months ended September 30, 2020 | $ | 94,621 |  |  | $ | 58,888 |  |  | $ | 35,301 |  |  | $ | 432 |  |
|  | Acquisitions (2) |  | (7,160 | ) |  |  | - |  |  |  | (7,160 | ) |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (2,157 | ) |  |  | - |  |  |  | - |  |  |  | (2,157 | ) | (3)
|  | Non-cash write-offs of straight-line rent receivables (4) |  | 13,109 |  |  |  | 12,396 |  |  |  | 713 |  |  |  | - |  |
|  | Lease termination income and other, net |  | 1,772 |  |  |  | (101 | ) |  |  | 148 |  |  |  | 1,725 |  |
| PGRE's share of Same Store NOI for the three months ended September 30, 2020 | $ | 100,185 |  |  | $ | 71,183 |  |  | $ | 29,002 |  |  | $ | - |  |

|  |  |  |  |  |  | Three Months Ended September 30, 2019 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of NOI for the three months ended September 30, 2019 | $ | 105,718 |  |  | $ | 75,316 |  |  | $ | 27,272 |  |  | $ | 3,130 |  |
|  | Acquisitions |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (7,133 | ) |  |  | (2,871 | ) | (5) |  | - |  |  |  | (4,262 | ) | (3)
|  | Reserves for uncollectible accounts receivable (4) |  | 172 |  |  |  | 174 |  |  |  | (2 | ) |  |  | - |  |
|  | Lease termination income and other, net |  | 381 |  |  |  | - |  |  |  | (751 | ) |  |  | 1,132 |  |
| PGRE's share of Same Store NOI for the three months ended September 30, 2019 | $ | 99,138 |  |  | $ | 72,619 |  |  | $ | 26,519 |  |  | $ | - |  |

| Increase (decrease) in PGRE's share of Same Store NOI | $ | 1,047 |  |  | $ | (1,436 | ) |  | $ | 2,483 |  |  | $ | - |  |
| % Increase (decrease) |  | 1.1 | % |  |  | (2.0 | %) |  |  | 9.4 | % |  |  |  |  |

(1) | See page 47 for our definition of this measure.

(2) | Represents our share of Same Store NOI attributable to acquired properties (Market Center and 55 Second Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

(3) | Represents NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

(4) | Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within “other”.

(5) | Represents NOI attributable to 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 17 -

|  | SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI (1) | Nine Months Ended September 30, 2020 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of Cash NOI for the nine months ended September 30, 2020 | $ | 279,905 |  |  | $ | 192,508 |  |  | $ | 85,482 |  |  | $ | 1,915 |  |
|  | Acquisitions (2) |  | (19,459 | ) |  |  | - |  |  |  | (19,459 | ) |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (6,876 | ) |  |  | - |  |  |  | - |  |  |  | (6,876 | ) | (3)
|  | Reserves for uncollectible accounts receivable (4) |  | 1,940 |  |  |  | 1,152 |  |  |  | 788 |  |  |  | - |  |
|  | Lease termination income and other, net |  | 4,848 |  |  |  | (254 | ) |  |  | 141 |  |  |  | 4,961 |  |
| PGRE's share of Same Store Cash NOI for the nine months ended September 30, 2020 | $ | 260,358 |  |  | $ | 193,406 |  |  | $ | 66,952 |  |  | $ | - |  |

|  |  |  |  |  |  | Nine Months Ended September 30, 2019 |  |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of Cash NOI for the nine months ended September 30, 2019 | $ | 278,432 |  |  | $ | 202,338 |  |  | $ | 65,286 |  |  | $ | 10,808 |  |
|  | Acquisitions |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (16,664 | ) |  |  | (3,213 | ) | (5) |  | - |  |  |  | (13,451 | ) | (3)
|  | Reserves for uncollectible accounts receivable (4) |  | 448 |  |  |  | 473 |  |  |  | (25 | ) |  |  | - |  |
|  | Lease termination income and other, net |  | (454 | ) |  |  | (2,346 | ) |  |  | (751 | ) |  |  | 2,643 |  |
| PGRE's share of Same Store Cash NOI for the nine months ended September 30, 2019 | $ | 261,762 |  |  | $ | 197,252 |  |  | $ | 64,510 |  |  | $ | - |  |

| (Decrease) increase in PGRE's share of Same Store Cash NOI | $ | (1,404 | ) |  | $ | (3,846 | ) |  | $ | 2,442 |  |  | $ | - |  |
| % (Decrease) increase |  | (0.5 | %) |  |  | (1.9 | %) |  |  | 3.8 | % |  |  |  |  |

(1) | See page 47 for our definition of this measure.

(2) | Represents our share of Same Store Cash NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

(3) | Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

(4) | Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within “other”.

(5) | Represents Cash NOI attributable to 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 18 -

|  | SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI (1) | Nine Months Ended September 30, 2020 |  |
|  |  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of NOI for the nine months ended September 30, 2020 | $ | 304,001 |  |  | $ | 200,096 |  |  | $ | 102,375 |  |  | $ | 1,530 |  |
|  | Acquisitions (2) |  | (24,877 | ) |  |  | - |  |  |  | (24,877 | ) |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (6,515 | ) |  |  | - |  |  |  | - |  |  |  | (6,515 | ) | (3)
|  | Non-cash write-offs (primarily straight-line rent receivables) (4) |  | 20,794 |  |  |  | 17,389 |  |  |  | 3,405 |  |  |  | - |  |
|  | Reserves for uncollectible accounts receivable (4) |  | 1,940 |  |  |  | 1,152 |  |  |  | 788 |  |  |  | - |  |
|  | Lease termination income and other, net |  | 4,872 |  |  |  | (254 | ) |  |  | 141 |  |  |  | 4,985 |  |
| PGRE's share of Same Store NOI for the nine months ended September 30, 2020 | $ | 300,215 |  |  | $ | 218,383 |  |  | $ | 81,832 |  |  | $ | - |  |

|  |  |  |  |  |  |  | Nine Months Ended September 30, 2019 |  |
|  |  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |  |
| PGRE's share of NOI for the nine months ended September 30, 2019 | $ | 313,799 |  |  | $ | 228,089 |  |  | $ | 75,227 |  |  | $ | 10,483 |  |
|  | Acquisitions |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
|  | Dispositions / Discontinued Operations |  | (16,955 | ) |  |  | (3,806 | ) | (5) |  | - |  |  |  | (13,149 | ) | (3)
|  | Reserves for uncollectible accounts receivable (4) |  | 448 |  |  |  | 473 |  |  |  | (25 | ) |  |  | - |  |
|  | Lease termination income and other, net |  | (431 | ) |  |  | (2,346 | ) |  |  | (751 | ) |  |  | 2,666 |  |
| PGRE's share of Same Store NOI for the nine months ended September 30, 2019 | $ | 296,861 |  |  | $ | 222,410 |  |  | $ | 74,451 |  |  | $ | - |  |

| Increase (decrease) in PGRE's share of Same Store NOI | $ | 3,354 |  |  | $ | (4,027 | ) |  | $ | 7,381 |  |  | $ | - |  |
| % Increase (decrease) |  | 1.1 | % |  |  | (1.8 | %) |  |  | 9.9 | % |  |  |  |  |

(1) | See page 47 for our definition of this measure.

(2) | Represents our share of Same Store NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

(3) | Represents NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

(4) | Represents impairments of receivables arising from operating leases that have been consistently excluded from our same store results in prior periods as noted in our definition of these terms. In prior periods, adjustments for these items have been relatively small and as such, were included within “other”.

(5) | Represents NOI attributable to 10.0% sale of 1633 Broadway for the months in which it was not owned by us in both reporting periods.

- 19 -

|  | CONSOLIDATED JOINT VENTURES AND FUND - BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of September 30, 2020 |  |
|  |  |  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |  |
|  |  |  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |  |
|  |  |  |  |  | Joint Ventures |  |  | 1633 Broadway (1) |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (2) |  |  | Development Fund |  |
PGRE Ownership |  |  |  |  | 90.0% |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 3,474,281 |  |  | $ | 1,803,248 |  |  | $ | 1,189,736 |  |  | $ | 481,297 |  |  | $ | - |  |  | $ | - |  |
| Cash and cash equivalents |  | 117,055 |  |  |  | 41,722 |  |  |  | 51,276 |  |  |  | 23,154 |  |  |  | 903 |  |  |  | 2,445 |  |
| Restricted cash |  | 1,383 |  |  |  | 78 |  |  |  | 1,305 |  |  |  | - |  |  |  | - |  |  |  | - |  |
| Investments in unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67,769 |  |
| Accounts and other receivables |  | 3,728 |  |  |  | 1,517 |  |  |  | 1,009 |  |  |  | 1,202 |  |  |  | - |  |  |  | 124 |  |
| Deferred rent receivable |  | 183,890 |  |  |  | 111,603 |  |  |  | 55,755 |  |  |  | 16,532 |  |  |  | - |  |  |  | - |  |
| Deferred charges, net |  | 56,647 |  |  |  | 29,677 |  |  |  | 16,750 |  |  |  | 10,220 |  |  |  | - |  |  |  | - |  |
| Intangible assets, net |  | 81,066 |  |  |  | 58,629 |  |  |  | 16,533 |  |  |  | 5,904 |  |  |  | - |  |  |  | - |  |
| Other assets |  | 18,264 |  |  |  | 11,956 |  |  |  | 5,759 |  |  |  | 549 |  |  |  | - |  |  |  | 15,690 |  |
Total Assets | $ | 3,936,314 |  |  | $ | 2,058,430 |  |  | $ | 1,338,123 |  |  | $ | 538,858 |  |  | $ | 903 |  |  | $ | 86,028 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 2,456,764 |  |  | $ | 1,240,872 |  |  | $ | 971,458 |  |  | $ | 244,434 |  |  | $ | - |  |  | $ | - |  |
| Accounts payable and accrued expenses |  | 51,316 |  |  |  | 11,241 |  |  |  | 27,590 |  |  |  | 12,429 |  |  |  | 56 |  |  |  | 67 |  |
| Intangible liabilities, net |  | 33,733 |  |  |  | 19,081 |  |  |  | 13,504 |  |  |  | 1,148 |  |  |  | - |  |  |  | - |  |
| Other liabilities |  | 4,398 |  |  |  | 67 |  |  |  | 4,328 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |
Total Liabilities |  | 2,546,211 |  |  |  | 1,271,261 |  |  |  | 1,016,880 |  |  |  | 258,014 |  |  |  | 56 |  |  |  | 67 |  |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  | 953,527 |  |  |  | 708,780 |  |  |  | 157,477 |  |  |  | 86,545 |  |  |  | 725 |  |  |  | 6,793 |  |
| Noncontrolling interests |  | 436,576 |  |  |  | 78,389 |  |  |  | 163,766 |  |  |  | 194,299 |  |  |  | 122 |  |  |  | 79,168 |  |
Total Equity |  | 1,390,103 |  |  |  | 787,169 |  |  |  | 321,243 |  |  |  | 280,844 |  |  |  | 847 |  |  |  | 85,961 |  |
Total Liabilities and Equity | $ | 3,936,314 |  |  | $ | 2,058,430 |  |  | $ | 1,338,123 |  |  | $ | 538,858 |  |  | $ | 903 |  |  | $ | 86,028 |  |

(1) | On May 27, 2020, we sold a 10.0% interest in 1633 Broadway.

(2) | Represents PGRESS Equity Holdings, LP.

- 20 -

|  | CONSOLIDATED JOINT VENTURES AND FUND - BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of December 31, 2019 |  |  |
|  |  |  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |  |  |
|  |  |  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |  |  |
|  |  |  |  |  | Joint Ventures |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (1) |  |  | Development Fund |  |  |
PGRE Ownership |  |  |  |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net |  | $ | 1,685,391 |  |  | $ | 1,203,232 |  |  | $ | 482,159 |  |  | $ | - |  |  | $ | - |  |  |
| Cash and cash equivalents |  |  | 64,172 |  |  |  | 46,601 |  |  |  | 16,668 |  |  |  | 903 |  |  |  | 2,258 |  |  |
| Restricted cash |  |  | 3,398 |  |  |  | 3,398 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |
| Investments in unconsolidated joint ventures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 69,535 |  |  |
| Accounts and other receivables |  |  | 2,015 |  |  |  | 1,085 |  |  |  | 930 |  |  |  | - |  |  |  | 125 |  |  |
| Deferred rent receivable |  |  | 57,338 |  |  |  | 46,901 |  |  |  | 10,437 |  |  |  | - |  |  |  | - |  |  |
| Deferred charges, net |  |  | 24,030 |  |  |  | 13,330 |  |  |  | 10,700 |  |  |  | - |  |  |  | - |  |  |
| Intangible assets, net |  |  | 29,872 |  |  |  | 21,943 |  |  |  | 7,929 |  |  |  | - |  |  |  | - |  |  |
| Other assets |  |  | 5,386 |  |  |  | 4,937 |  |  |  | 449 |  |  |  | - |  |  |  | 15,746 |  |  |
Total Assets |  | $ | 1,871,602 |  |  | $ | 1,341,427 |  |  | $ | 529,272 |  |  | $ | 903 |  |  | $ | 87,664 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net |  | $ | 1,205,324 |  |  | $ | 970,681 |  |  | $ | 234,643 |  |  | $ | - |  |  | $ | - |  |  |
| Accounts payable and accrued expenses |  |  | 35,191 |  |  |  | 26,165 |  |  |  | 8,971 |  |  |  | 55 |  |  |  | 61 |  |  |
| Intangible liabilities, net |  |  | 19,841 |  |  |  | 18,405 |  |  |  | 1,436 |  |  |  | - |  |  |  | - |  |  |
| Other liabilities |  |  | 4,273 |  |  |  | 4,270 |  |  |  | 3 |  |  |  | - |  |  |  | 8,774 |  |  |
Total Liabilities |  |  | 1,264,629 |  |  |  | 1,019,521 |  |  |  | 245,053 |  |  |  | 55 |  |  |  | 8,835 |  |  |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  |  | 246,195 |  |  |  | 157,801 |  |  |  | 87,669 |  |  |  | 725 |  |  |  | 6,433 |  |  |
| Noncontrolling interests |  |  | 360,778 |  |  |  | 164,105 |  |  |  | 196,550 |  |  |  | 123 |  |  |  | 72,396 |  |  |
Total Equity |  |  | 606,973 |  |  |  | 321,906 |  |  |  | 284,219 |  |  |  | 848 |  |  |  | 78,829 |  |  |
Total Liabilities and Equity |  | $ | 1,871,602 |  |  | $ | 1,341,427 |  |  | $ | 529,272 |  |  | $ | 903 |  |  | $ | 87,664 |  |  |

(1) | Represents PGRESS Equity Holdings, LP.

- 21 -

|  | CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Three Months Ended September 30, 2020 |  |
|  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |  |
|  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |
|  |  |  | Joint Ventures |  |  | 1633 Broadway |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (1) |  |  | Development Fund |
Total revenues | $ | 84,431 |  |  | $ | 35,898 |  |  | $ | 36,581 |  |  | $ | 11,938 |  |  | $ | 14 |  |  | $ | - |
Total operating expenses |  | 30,352 |  |  |  | 17,238 |  |  |  | 9,619 |  |  |  | 3,495 |  |  |  | - |  |  |  | - |
Net operating income (2) |  | 54,079 |  |  |  | 18,660 |  |  |  | 26,962 |  |  |  | 8,443 |  |  |  | 14 |  |  |  | - |
Depreciation and amortization |  | (28,084 | ) |  |  | (14,143 | ) |  |  | (10,560 | ) |  |  | (3,381 | ) |  |  | - |  |  |  | - |
Interest and other income (loss), net |  | 37 |  |  |  | - |  |  |  | 40 |  |  |  | 1 |  |  |  | (4 | ) |  |  | 108 |
Interest and debt expense |  | (22,394 | ) |  |  | (9,902 | ) |  |  | (10,303 | ) |  |  | (2,189 | ) |  |  | - |  |  |  | - |
Loss from unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (223 | )
Net income (loss) before income taxes |  | 3,638 |  |  |  | (5,385 | ) |  |  | 6,139 |  |  |  | 2,874 |  |  |  | 10 |  |  |  | (115 | )
Income tax expense |  | (7 | ) |  |  | (3 | ) |  |  | (1 | ) |  |  | (3 | ) |  |  | - |  |  |  | - |
Net income (loss) | $ | 3,631 |  |  | $ | (5,388 | ) |  | $ | 6,138 |  |  | $ | 2,871 |  |  | $ | 10 |  |  | $ | (115 | )
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 90.0% |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |
| Net (loss) income | $ | (972 | ) |  | $ | (4,849 | ) |  | $ | 3,008 |  |  | $ | 867 |  |  | $ | 2 |  |  | $ | (36 | )
| Add: Management fee income |  | 1,037 |  |  |  | 423 |  |  |  | 187 |  |  |  | 427 |  |  |  | - |  |  |  | - |
| PGRE's share of net income (loss) |  | 65 |  |  |  | (4,426 | ) |  |  | 3,195 |  |  |  | 1,294 |  |  |  | 2 |  |  |  | (36 | )
| Add: Real estate depreciation and amortization |  | 18,955 |  |  |  | 12,729 |  |  |  | 5,174 |  |  |  | 1,052 |  |  |  | - |  |  |  | - |
| FFO/Core FFO (2) | $ | 19,020 |  |  | $ | 8,303 |  |  | $ | 8,369 |  |  | $ | 2,346 |  |  | $ | 2 |  |  | $ | (36 | )
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 10.0% |  |  | 51.0% |  |  | 68.9% |  |  | 75.6% |  |  | 92.6% |
| Net income (loss) | $ | 4,603 |  |  | $ | (539 | ) |  | $ | 3,130 |  |  | $ | 2,004 |  |  | $ | 8 |  |  | $ | (79 | )
| Less: Management fee expense |  | (1,037 | ) |  |  | (423 | ) |  |  | (187 | ) |  |  | (427 | ) |  |  | - |  |  |  | - |
| Net income (loss) attributable to noncontrolling interests |  | 3,566 |  |  |  | (962 | ) |  |  | 2,943 |  |  |  | 1,577 |  |  |  | 8 |  |  |  | (79 | )
| Add: Real estate depreciation and amortization |  | 9,129 |  |  |  | 1,414 |  |  |  | 5,386 |  |  |  | 2,329 |  |  |  | - |  |  |  | - |
| FFO/Core FFO (2) | $ | 12,695 |  |  | $ | 452 |  |  | $ | 8,329 |  |  | $ | 3,906 |  |  | $ | 8 |  |  | $ | (79 | )

(1) | Represents PGRESS Equity Holdings, LP.

(2) | See page 47 for our definition of these measures.

- 22 -

|  | CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Three Months Ended September 30, 2019 |
|  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |
|  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |
|  |  |  | Joint Ventures |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (1) |  |  | Development Fund |
Total revenues | $ | 49,115 |  |  | $ | 36,367 |  |  | $ | 12,748 |  |  | $ | - |  |  | $ | - |
Total operating expenses |  | 14,067 |  |  |  | 9,927 |  |  |  | 4,140 |  |  |  | - |  |  |  | - |
Net operating income (2) |  | 35,048 |  |  |  | 26,440 |  |  |  | 8,608 |  |  |  | - |  |  |  | - |
Depreciation and amortization |  | (15,947 | ) |  |  | (10,604 | ) |  |  | (5,343 | ) |  |  | - |  |  |  | - |
Interest and other income (loss), net |  | 151 |  |  |  | 191 |  |  |  | 45 |  |  |  | (85 | ) |  |  | 66 |
Interest and debt expense |  | (12,383 | ) |  |  | (10,303 | ) |  |  | (2,080 | ) |  |  | - |  |  |  | - |
Income from unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Net income (loss) | $ | 6,869 |  |  | $ | 5,724 |  |  | $ | 1,230 |  |  | $ | (85 | ) |  | $ | 67 |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |
| Net income (loss) | $ | 3,140 |  |  | $ | 2,803 |  |  | $ | 358 |  |  | $ | (21 | ) |  | $ | (42 | )
| Add: Management fee income |  | 678 |  |  |  | 196 |  |  |  | 482 |  |  |  | - |  |  |  | - |
| PGRE's share of net income (loss) |  | 3,818 |  |  |  | 2,999 |  |  |  | 840 |  |  |  | (21 | ) |  |  | (42 | )
| Add: Real estate depreciation and amortization |  | 6,856 |  |  |  | 5,196 |  |  |  | 1,660 |  |  |  | - |  |  |  | - |
| FFO/Core FFO (2) | $ | 10,674 |  |  | $ | 8,195 |  |  | $ | 2,500 |  |  | $ | (21 | ) |  | $ | (42 | )
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 51.0% |  |  | 68.9% |  |  | 75.6% |  |  | 92.6% |
| Net income (loss) | $ | 3,729 |  |  | $ | 2,921 |  |  | $ | 872 |  |  | $ | (64 | ) |  | $ | 109 |
| Less: Management fee expense |  | (678 | ) |  |  | (196 | ) |  |  | (482 | ) |  |  | - |  |  |  | - |
| Net income (loss) attributable to noncontrolling interests |  | 3,051 |  |  |  | 2,725 |  |  |  | 390 |  |  |  | (64 | ) |  |  | 109 |
| Add: Real estate depreciation and amortization |  | 9,091 |  |  |  | 5,408 |  |  |  | 3,683 |  |  |  | - |  |  |  | - |
| FFO/Core FFO (2) | $ | 12,142 |  |  | $ | 8,133 |  |  | $ | 4,073 |  |  | $ | (64 | ) |  | $ | 109 |

(1) | Represents PGRESS Equity Holdings, LP.

(2) | See page 47 for our definition of these measures.

- 23 -

|  | CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Nine Months Ended September 30, 2020 |  |
|  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |  |
|  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |  |
|  |  |  | Joint Ventures |  |  | 1633 Broadway (1) |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (2) |  |  | Development Fund |  |
Total revenues | $ | 183,036 |  |  | $ | 49,006 |  |  | $ | 109,326 |  |  | $ | 24,690 |  |  | $ | 14 |  |  | $ | - |  |
Total operating expenses |  | 62,611 |  |  |  | 24,617 |  |  |  | 28,588 |  |  |  | 9,406 |  |  |  | - |  |  |  | 5 |  |
Net operating income (loss) (3) |  | 120,425 |  |  |  | 24,389 |  |  |  | 80,738 |  |  |  | 15,284 |  |  |  | 14 |  |  |  | (5 | ) |
Depreciation and amortization |  | (61,027 | ) |  |  | (19,633 | ) |  |  | (31,244 | ) |  |  | (10,150 | ) |  |  | - |  |  |  | - |  |
Interest and other income (loss), net |  | 264 |  |  |  | - |  |  |  | 244 |  |  |  | 34 |  |  |  | (14 | ) |  |  | 343 |  |
Interest and debt expense |  | (51,009 | ) |  |  | (13,632 | ) |  |  | (30,690 | ) |  |  | (6,687 | ) |  |  | - |  |  |  | (141 | ) |
Loss from unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,773 | ) |
Net income (loss) before income taxes |  | 8,653 |  |  |  | (8,876 | ) |  |  | 19,048 |  |  |  | (1,519 | ) |  |  | - |  |  |  | (1,576 | ) |
Income tax benefit (expense) |  | 3 |  |  |  | (3 | ) |  |  | (2 | ) |  |  | 8 |  |  |  | - |  |  |  | (2 | ) |
Net income (loss) | $ | 8,656 |  |  | $ | (8,879 | ) |  | $ | 19,046 |  |  | $ | (1,511 | ) |  | $ | - |  |  | $ | (1,578 | ) |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 90.0% (1) |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |  |
| Net income (loss) | $ | 792 |  |  | $ | (7,991 | ) |  | $ | 9,329 |  |  | $ | (546 | ) |  | $ | - |  |  | $ | (287 | ) |
| Add: Management fee income |  | 2,379 |  |  |  | 566 |  |  |  | 535 |  |  |  | 1,278 |  |  |  | - |  |  |  | - |  |
| PGRE's share of net income (loss) |  | 3,171 |  |  |  | (7,425 | ) |  |  | 9,864 |  |  |  | 732 |  |  |  | - |  |  |  | (287 | ) |
| Add: Real estate depreciation and amortization |  | 36,137 |  |  |  | 17,670 |  |  |  | 15,309 |  |  |  | 3,158 |  |  |  | - |  |  |  | - |  |
| FFO/Core FFO (3) | $ | 39,308 |  |  | $ | 10,245 |  |  | $ | 25,173 |  |  | $ | 3,890 |  |  | $ | - |  |  | $ | (287 | ) |
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 10.0% (1) |  |  | 51.0% |  |  | 68.9% |  |  | 75.6% |  |  | 92.6% |  |
| Net income (loss) | $ | 7,864 |  |  | $ | (888 | ) |  | $ | 9,717 |  |  | $ | (965 | ) |  | $ | - |  |  | $ | (1,291 | ) |
| Less: Management fee expense |  | (2,379 | ) |  |  | (566 | ) |  |  | (535 | ) |  |  | (1,278 | ) |  |  | - |  |  |  | - |  |
| Net income (loss) attributable to noncontrolling interests |  | 5,485 |  |  |  | (1,454 | ) |  |  | 9,182 |  |  |  | (2,243 | ) |  |  | - |  |  |  | (1,291 | ) |
| Add: Real estate depreciation and amortization |  | 24,890 |  |  |  | 1,963 |  |  |  | 15,935 |  |  |  | 6,992 |  |  |  | - |  |  |  | - |  |
| FFO/Core FFO (3) | $ | 30,375 |  |  | $ | 509 |  |  | $ | 25,117 |  |  | $ | 4,749 |  |  | $ | - |  |  | $ | (1,291 | ) |

(1) | Represents the results of operations from the date of disposition through September 30, 2020.

(2) | Represents PGRESS Equity Holdings, LP.

(3) | See page 47 for our definition of these measures.

- 24 -

|  | CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Nine Months Ended September 30, 2019 |  |
|  |  |  | Consolidated Joint Ventures |  |  | Consolidated Fund |  |
|  |  |  | Total Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residential |  |
|  |  |  | Joint Ventures |  |  | One Market Plaza |  |  | 300 Mission Street |  |  | Other (1) |  |  | Development Fund |  |
Total revenues | $ | 140,985 |  |  | $ | 104,400 |  |  | $ | 36,585 |  |  | $ | - |  |  | $ | - |  |
Total operating expenses |  | 39,694 |  |  |  | 28,444 |  |  |  | 11,250 |  |  |  | - |  |  |  | 18 |  |
Net operating income (loss) (2) |  | 101,291 |  |  |  | 75,956 |  |  |  | 25,335 |  |  |  | - |  |  |  | (18 | ) |
Depreciation and amortization |  | (47,266 | ) |  |  | (31,594 | ) |  |  | (15,672 | ) |  |  | - |  |  |  | - |  |
Interest and other income, net |  | 907 |  |  |  | 459 |  |  |  | 136 |  |  |  | 312 |  |  |  | 154 |  |
Interest and debt expense |  | (36,822 | ) |  |  | (30,581 | ) |  |  | (6,241 | ) |  |  | - |  |  |  | - |  |
Loss from unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6 | ) |
Net income before income taxes |  | 18,110 |  |  |  | 14,240 |  |  |  | 3,558 |  |  |  | 312 |  |  |  | 130 |  |
Income tax expense |  | (19 | ) |  |  | (3 | ) |  |  | (16 | ) |  |  | - |  |  |  | (5 | ) |
Net income | $ | 18,091 |  |  | $ | 14,237 |  |  | $ | 3,542 |  |  | $ | 312 |  |  | $ | 125 |  |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 49.0% |  |  | 31.1% |  |  | 24.4% |  |  | 7.4% |  |
| Net income (loss) | $ | 8,087 |  |  | $ | 6,972 |  |  | $ | 1,039 |  |  | $ | 76 |  |  | $ | (131 | ) |
| Add: Management fee income |  | 1,751 |  |  |  | 537 |  |  |  | 1,214 |  |  |  | - |  |  |  | - |  |
| PGRE's share of net income (loss) |  | 9,838 |  |  |  | 7,509 |  |  |  | 2,253 |  |  |  | 76 |  |  |  | (131 | ) |
| Add: Real estate depreciation and amortization |  | 20,352 |  |  |  | 15,481 |  |  |  | 4,871 |  |  |  | - |  |  |  | - |  |
| FFO/Core FFO (2) | $ | 30,190 |  |  | $ | 22,990 |  |  | $ | 7,124 |  |  | $ | 76 |  |  | $ | (131 | ) |
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 51.0% |  |  | 68.9% |  |  | 75.6% |  |  | 92.6% |  |
| Net income | $ | 10,004 |  |  | $ | 7,265 |  |  | $ | 2,503 |  |  | $ | 236 |  |  | $ | 256 |  |
| Less: Management fee expense |  | (1,751 | ) |  |  | (537 | ) |  |  | (1,214 | ) |  |  | - |  |  |  | - |  |
| Net income attributable to noncontrolling interests |  | 8,253 |  |  |  | 6,728 |  |  |  | 1,289 |  |  |  | 236 |  |  |  | 256 |  |
| Add: Real estate depreciation and amortization |  | 26,914 |  |  |  | 16,113 |  |  |  | 10,801 |  |  |  | - |  |  |  | - |  |
| FFO/Core FFO (2) | $ | 35,167 |  |  | $ | 22,841 |  |  | $ | 12,090 |  |  | $ | 236 |  |  | $ | 256 |  |

(1) | Represents PGRESS Equity Holdings, LP.

(2) | See page 47 for our definition of these measures.

- 25 -

|  | UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of September 30, 2020 |
|  |  |  |  |  |  |  |  |  | 712 Fifth |  |  | Market |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |
|  |  |  |  |  | Total |  |  | Avenue |  |  | Center |  |  | Street |  |  | Street |  |  | Other (1) |
PGRE Ownership |  |  |  |  | 50.0% |  |  | 67.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 2,638,584 |  |  | $ | 208,581 |  |  | $ | 660,377 |  |  | $ | 380,947 |  |  | $ | 215,393 |  |  | $ | 1,173,286 |
| Cash and cash equivalents |  | 87,057 |  |  |  | 24,959 |  |  |  | 26,373 |  |  |  | 8,867 |  |  |  | 3,206 |  |  |  | 23,652 |
| Restricted cash |  | 25,335 |  |  |  | 2,145 |  |  |  | - |  |  |  | - |  |  |  | 2,863 |  |  |  | 20,327 |
| Accounts and other receivables |  | 3,313 |  |  |  | 241 |  |  |  | 1,880 |  |  |  | 479 |  |  |  | 560 |  |  |  | 153 |
| Deferred rent receivable |  | 23,186 |  |  |  | 15,116 |  |  |  | 3,208 |  |  |  | 1,924 |  |  |  | 2,160 |  |  |  | 778 |
| Deferred charges, net |  | 11,372 |  |  |  | 8,609 |  |  |  | 828 |  |  |  | 487 |  |  |  | 1,448 |  |  |  | - |
| Intangible assets, net |  | 124,754 |  |  |  | - |  |  |  | 44,779 |  |  |  | 25,521 |  |  |  | 7,133 |  |  |  | 47,321 |
| Other assets |  | 8,945 |  |  |  | 3,594 |  |  |  | 431 |  |  |  | 197 |  |  |  | 237 |  |  |  | 4,486 |
Total Assets | $ | 2,922,546 |  |  | $ | 263,245 |  |  | $ | 737,876 |  |  | $ | 418,422 |  |  | $ | 233,000 |  |  | $ | 1,270,003 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 1,753,699 |  |  | $ | 297,261 |  |  | $ | 400,031 |  |  | $ | 186,552 |  |  | $ | 146,029 |  |  | $ | 723,826 |
| Accounts payable and accrued expenses |  | 68,523 |  |  |  | 8,619 |  |  |  | 13,760 |  |  |  | 4,749 |  |  |  | 4,562 |  |  |  | 36,833 |
| Intangible liabilities, net |  | 29,106 |  |  |  | - |  |  |  | 9,230 |  |  |  | 16,446 |  |  |  | 3,430 |  |  |  | - |
| Other liabilities |  | 24,995 |  |  |  | 272 |  |  |  | 23,059 |  |  |  | 4 |  |  |  | 305 |  |  |  | 1,355 |
Total Liabilities |  | 1,876,323 |  |  |  | 306,152 |  |  |  | 446,080 |  |  |  | 207,751 |  |  |  | 154,326 |  |  |  | 762,014 |
Total Equity |  | 1,046,223 |  |  |  | (42,907 | ) |  |  | 291,796 |  |  |  | 210,671 |  |  |  | 78,674 |  |  |  | 507,989 |
Total Liabilities and Equity | $ | 2,922,546 |  |  | $ | 263,245 |  |  | $ | 737,876 |  |  | $ | 418,422 |  |  | $ | 233,000 |  |  | $ | 1,270,003 |

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

- 26 -

|  | UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of December 31, 2019 |
|  |  |  |  |  |  |  |  |  | 712 Fifth |  |  | Market |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |
|  |  |  |  |  | Total |  |  | Avenue |  |  | Center |  |  | Street |  |  | Street |  |  | Other (1) |
PGRE Ownership |  |  |  |  | 50.0% |  |  | 67.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 2,581,738 |  |  | $ | 206,913 |  |  | $ | 671,276 |  |  | $ | 385,614 |  |  | $ | 216,936 |  |  | $ | 1,100,999 |
| Cash and cash equivalents |  | 69,286 |  |  |  | 31,216 |  |  |  | 9,934 |  |  |  | 7,254 |  |  |  | 1,866 |  |  |  | 19,016 |
| Restricted cash |  | 5,785 |  |  |  | 2,224 |  |  |  | - |  |  |  | - |  |  |  | 3,531 |  |  |  | 30 |
| Accounts and other receivables |  | 3,036 |  |  |  | 1,611 |  |  |  | 684 |  |  |  | 280 |  |  |  | 461 |  |  |  | - |
| Deferred rent receivable |  | 18,296 |  |  |  | 14,711 |  |  |  | 416 |  |  |  | 917 |  |  |  | 1,127 |  |  |  | 1,125 |
| Deferred charges, net |  | 10,074 |  |  |  | 7,703 |  |  |  | 250 |  |  |  | 561 |  |  |  | 1,560 |  |  |  | - |
| Intangible assets, net |  | 172,041 |  |  |  | - |  |  |  | 61,061 |  |  |  | 30,996 |  |  |  | 11,090 |  |  |  | 68,894 |
| Other assets |  | 4,812 |  |  |  | 158 |  |  |  | 1,632 |  |  |  | 189 |  |  |  | 81 |  |  |  | 2,752 |
Total Assets | $ | 2,865,068 |  |  | $ | 264,536 |  |  | $ | 745,253 |  |  | $ | 425,811 |  |  | $ | 236,652 |  |  | $ | 1,192,816 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 1,648,403 |  |  | $ | 296,953 |  |  | $ | 397,398 |  |  | $ | 186,433 |  |  | $ | 142,783 |  |  | $ | 624,836 |
| Accounts payable and accrued expenses |  | 64,254 |  |  |  | 6,607 |  |  |  | 5,875 |  |  |  | 4,778 |  |  |  | 4,482 |  |  |  | 42,512 |
| Intangible liabilities, net |  | 38,377 |  |  |  | - |  |  |  | 14,228 |  |  |  | 19,668 |  |  |  | 4,481 |  |  |  | - |
| Other liabilities |  | 1,505 |  |  |  | 271 |  |  |  | - |  |  |  | 4 |  |  |  | 174 |  |  |  | 1,056 |
Total Liabilities |  | 1,752,539 |  |  |  | 303,831 |  |  |  | 417,501 |  |  |  | 210,883 |  |  |  | 151,920 |  |  |  | 668,404 |
Total Equity |  | 1,112,529 |  |  |  | (39,295 | ) |  |  | 327,752 |  |  |  | 214,928 |  |  |  | 84,732 |  |  |  | 524,412 |
Total Liabilities and Equity | $ | 2,865,068 |  |  | $ | 264,536 |  |  | $ | 745,253 |  |  | $ | 425,811 |  |  | $ | 236,652 |  |  | $ | 1,192,816 |

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

- 27 -

|  | UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Three Months Ended September 30, 2020 |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | Market |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |
|  |  |  |  | Total |  |  | Avenue |  |  | Center |  |  | Street |  |  | Street |  |  | Other (1) |
Total revenues | $ | 61,965 |  |  | $ | 10,646 |  |  | $ | 16,504 |  |  | $ | 8,320 |  |  | $ | 4,542 |  |  | $ | 21,953 |
Total operating expenses |  | 26,381 |  |  |  | 5,794 |  |  |  | 6,682 |  |  |  | 3,286 |  |  |  | 2,061 |  |  |  | 8,558 |
Net operating income (2) |  | 35,584 |  |  |  | 4,852 |  |  |  | 9,822 |  |  |  | 5,034 |  |  |  | 2,481 |  |  |  | 13,395 |
Depreciation and amortization |  | (29,700 | ) |  |  | (2,682 | ) |  |  | (10,360 | ) |  |  | (4,798 | ) |  |  | (2,742 | ) |  |  | (9,118 | )
Interest and other loss, net |  | (45 | ) |  |  | (6 | ) |  |  | (21 | ) |  |  | (8 | ) |  |  | (10 | ) |  |  | - |
Interest and debt expense |  | (14,030 | ) |  |  | (2,702 | ) |  |  | (3,397 | ) |  |  | (1,857 | ) |  |  | (1,533 | ) |  |  | (4,541 | )
Net loss before income taxes |  | (8,191 | ) |  |  | (538 | ) |  |  | (3,956 | ) |  |  | (1,629 | ) |  |  | (1,804 | ) |  |  | (264 | )
Income tax expense |  | (1 | ) |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | - |
Net loss | $ | (8,192 | ) |  | $ | (538 | ) |  | $ | (3,957 | ) |  | $ | (1,629 | ) |  | $ | (1,804 | ) |  | $ | (264 | )
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 67.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |
| Net loss | $ | (4,726 | ) |  |  | (269 | ) |  |  | (2,654 | ) |  |  | (711 | ) |  |  | (884 | ) |  | $ | (208 | )
| Less: Step-up basis adjustment |  | (40 | ) |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | (38 | )
| Add: Distributions received from 712 Fifth Avenue in excess of earnings |  | 498 |  |  |  | 498 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| PGRE's share of net (loss) income |  | (4,268 | ) |  |  | 229 |  |  |  | (2,654 | ) |  |  | (713 | ) |  |  | (884 | ) |  |  | (246 | )
| Add: Real estate depreciation and amortization |  | 12,242 |  |  |  | 1,341 |  |  |  | 6,941 |  |  |  | 2,117 |  |  |  | 1,344 |  |  |  | 499 |
| FFO (2) |  | 7,974 |  |  |  | 1,570 |  |  |  | 4,287 |  |  |  | 1,404 |  |  |  | 460 |  |  |  | 253 |
| Less: Distributions received from 712 Fifth Avenue in excess of earnings |  | (498 | ) |  |  | (498 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| Core FFO (2) | $ | 7,476 |  |  | $ | 1,072 |  |  | $ | 4,287 |  |  | $ | 1,404 |  |  | $ | 460 |  |  | $ | 253 |
Joint Venture Partners' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 33.0% |  |  | 55.9% |  |  | 51.0% |  |  | Various |
| Net loss | $ | (3,466 | ) |  | $ | (269 | ) |  | $ | (1,303 | ) |  | $ | (918 | ) |  | $ | (920 | ) |  | $ | (56 | )
| Add: Real estate depreciation and amortization |  | 17,498 |  |  |  | 1,341 |  |  |  | 3,419 |  |  |  | 2,683 |  |  |  | 1,398 |  |  |  | 8,657 |
| FFO/Core FFO (2) | $ | 14,032 |  |  | $ | 1,072 |  |  | $ | 2,116 |  |  | $ | 1,765 |  |  | $ | 478 |  |  | $ | 8,601 |

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

(2) | See page 47 for our definition of these measures.

- 28 -

|  | UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Three Months Ended September 30, 2019 |  |  |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |  |  |
|  |  |  |  | Total |  |  | Avenue |  |  | Street (1) |  |  | Street |  |  | Other (2) |  |  |
Total revenues | $ | 41,188 |  |  | $ | 11,044 |  |  | $ | 3,559 |  |  | $ | 4,238 |  |  | $ | 22,347 |  |  |
Total operating expenses |  | 17,670 |  |  |  | 6,878 |  |  |  | 1,386 |  |  |  | 1,892 |  |  |  | 7,514 |  |  |
Net operating income (3) |  | 23,518 |  |  |  | 4,166 |  |  |  | 2,173 |  |  |  | 2,346 |  |  |  | 14,833 |  |  |
Depreciation and amortization |  | (17,252 | ) |  |  | (2,781 | ) |  |  | (2,116 | ) |  |  | (3,225 | ) |  |  | (9,130 | ) |  |
Interest and other income (loss), net |  | 179 |  |  |  | 111 |  |  |  | 15 |  |  |  | (1 | ) |  |  | 54 |  |  |
Interest and debt expense |  | (12,902 | ) |  |  | (2,701 | ) |  |  | (832 | ) |  |  | (1,703 | ) |  |  | (7,666 | ) |  |
Net loss before income taxes |  | (6,457 | ) |  |  | (1,205 | ) |  |  | (760 | ) |  |  | (2,583 | ) |  |  | (1,909 | ) |  |
Income tax benefit |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |
Net loss | $ | (6,455 | ) |  | $ | (1,205 | ) |  | $ | (760 | ) |  | $ | (2,581 | ) |  | $ | (1,909 | ) |  |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |  |  |
| Net loss | $ | (2,271 | ) |  | $ | (603 | ) |  | $ | (336 | ) |  | $ | (1,266 | ) |  | $ | (66 | ) |  |
| Less: Step-up basis adjustment |  | (37 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (37 | ) |  |
| Add: Distributions received from 712 Fifth Avenue in excess of earnings |  | 976 |  |  |  | 976 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |
| PGRE's share of net (loss) income |  | (1,332 | ) |  |  | 373 |  |  |  | (336 | ) |  |  | (1,266 | ) |  |  | (103 | ) |  |
| Add: Real estate depreciation and amortization |  | 4,403 |  |  |  | 1,390 |  |  |  | 933 |  |  |  | 1,581 |  |  |  | 499 |  |  |
| FFO (3) |  | 3,071 |  |  |  | 1,763 |  |  |  | 597 |  |  |  | 315 |  |  |  | 396 |  |  |
| Less: Distributions received from 712 Fifth Avenue in excess of earnings |  | (976 | ) |  |  | (976 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |
| Core FFO (3) | $ | 2,095 |  |  | $ | 787 |  |  | $ | 597 |  |  | $ | 315 |  |  | $ | 396 |  |  |
Joint Venture Partners' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 55.9% |  |  | 51.0% |  |  | Various |  |  |
| Net loss | $ | (4,184 | ) |  | $ | (602 | ) |  | $ | (424 | ) |  | $ | (1,315 | ) |  | $ | (1,843 | ) |  |
| Add: Real estate depreciation and amortization |  | 12,886 |  |  |  | 1,391 |  |  |  | 1,183 |  |  |  | 1,644 |  |  |  | 8,668 |  |  |
| FFO/Core FFO (3) | $ | 8,702 |  |  | $ | 789 |  |  | $ | 759 |  |  | $ | 329 |  |  | $ | 6,825 |  |  |

(1) | Represents the results of operations from the date of acquisition (August 21, 2019) through September 30, 2019.

(2) | Represents 60 Wall, Oder-Center, Germany and One Steuart Lane.

(3) | See page 47 for our definition of these measures.

- 29 -

|  | UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Nine Months Ended September 30, 2020 |  |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | Market |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |  |
|  |  |  |  | Total |  |  | Avenue |  |  | Center (1) |  |  | Street |  |  | Street |  |  | Other (2) |  |
Total revenues | $ | 185,072 |  |  | $ | 32,014 |  |  | $ | 47,712 |  |  | $ | 25,133 |  |  | $ | 13,997 |  |  | $ | 66,216 |  |
Total operating expenses |  | 81,963 |  |  |  | 18,688 |  |  |  | 19,702 |  |  |  | 9,768 |  |  |  | 5,742 |  |  |  | 28,063 |  |
Net operating income (3) |  | 103,109 |  |  |  | 13,326 |  |  |  | 28,010 |  |  |  | 15,365 |  |  |  | 8,255 |  |  |  | 38,153 |  |
Depreciation and amortization |  | (88,981 | ) |  |  | (8,038 | ) |  |  | (30,646 | ) |  |  | (14,382 | ) |  |  | (8,545 | ) |  |  | (27,370 | ) |
Interest and other income (loss), net |  | 3 |  |  |  | 65 |  |  |  | (45 | ) |  |  | (17 | ) |  |  | (20 | ) |  |  | 20 |  |
Interest and debt expense |  | (44,244 | ) |  |  | (8,049 | ) |  |  | (10,107 | ) |  |  | (5,570 | ) |  |  | (4,609 | ) |  |  | (15,909 | ) |
Net loss before income taxes |  | (30,113 | ) |  |  | (2,696 | ) |  |  | (12,788 | ) |  |  | (4,604 | ) |  |  | (4,919 | ) |  |  | (5,106 | ) |
Income tax expense |  | (45 | ) |  |  | - |  |  |  | (5 | ) |  |  | (20 | ) |  |  | (6 | ) |  |  | (14 | ) |
Net loss | $ | (30,158 | ) |  | $ | (2,696 | ) |  | $ | (12,793 | ) |  | $ | (4,624 | ) |  | $ | (4,925 | ) |  | $ | (5,120 | ) |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 67.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |  |
| Net loss | $ | (16,129 | ) |  | $ | (1,348 | ) |  | $ | (8,578 | ) |  | $ | (2,052 | ) |  | $ | (2,413 | ) |  | $ | (1,738 | ) |
| Less: Step-up basis adjustment |  | (121 | ) |  |  | - |  |  |  | - |  |  |  | (7 | ) |  |  | - |  |  |  | (114 | ) |
| Add: Distributions received from 712 Fifth Avenue in excess of earnings |  | 1,806 |  |  |  | 1,806 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
| PGRE's share of net (loss) income |  | (14,444 | ) |  |  | 458 |  |  |  | (8,578 | ) |  |  | (2,059 | ) |  |  | (2,413 | ) |  |  | (1,852 | ) |
| Add: Real estate depreciation and amortization |  | 36,585 |  |  |  | 4,019 |  |  |  | 20,533 |  |  |  | 6,348 |  |  |  | 4,187 |  |  |  | 1,498 |  |
| FFO (3) |  | 22,141 |  |  |  | 4,477 |  |  |  | 11,955 |  |  |  | 4,289 |  |  |  | 1,774 |  |  |  | (354 | ) |
| Less: Distributions received from 712 Fifth Avenue in excess of earnings |  | (1,806 | ) |  |  | (1,806 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |
| Core FFO (3) | $ | 20,335 |  |  | $ | 2,671 |  |  | $ | 11,955 |  |  | $ | 4,289 |  |  | $ | 1,774 |  |  | $ | (354 | ) |
Joint Venture Partners' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 33.0% |  |  | 55.9% |  |  | 51.0% |  |  | Various |  |
| Net loss | $ | (14,029 | ) |  | $ | (1,348 | ) |  | $ | (4,215 | ) |  | $ | (2,572 | ) |  | $ | (2,512 | ) |  | $ | (3,382 | ) |
| Add: Real estate depreciation and amortization |  | 52,517 |  |  |  | 4,019 |  |  |  | 10,113 |  |  |  | 8,041 |  |  |  | 4,358 |  |  |  | 25,986 |  |
| FFO/Core FFO (3) | $ | 38,488 |  |  | $ | 2,671 |  |  | $ | 5,898 |  |  | $ | 5,469 |  |  | $ | 1,846 |  |  | $ | 22,604 |  |

(1) | Acquired on December 11, 2019.

(2) | Represents 60 Wall, Oder-Center, Germany and One Steuart Lane.

(3) | See page 47 for our definition of these measures.

- 30 -

|  | UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Nine Months Ended September 30, 2019 |  |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 111 Sutter |  |  |  |  |  |
|  |  |  |  | Total |  |  | Avenue |  |  | Street (1) |  |  | Street (2) |  |  | Other (3) |  |
Total revenues | $ | 116,358 |  |  | $ | 36,124 |  |  | $ | 3,559 |  |  | $ | 10,854 |  |  | $ | 65,821 |  |
Total operating expenses |  | 47,347 |  |  |  | 19,659 |  |  |  | 1,386 |  |  |  | 4,605 |  |  |  | 21,697 |  |
Net operating income (4) |  | 69,011 |  |  |  | 16,465 |  |  |  | 2,173 |  |  |  | 6,249 |  |  |  | 44,124 |  |
Depreciation and amortization |  | (46,459 | ) |  |  | (8,318 | ) |  |  | (2,116 | ) |  |  | (8,632 | ) |  |  | (27,393 | ) |
Interest and other income, net |  | 478 |  |  |  | 379 |  |  |  | 15 |  |  |  | 8 |  |  |  | 76 |  |
Interest and debt expense |  | (36,752 | ) |  |  | (8,020 | ) |  |  | (832 | ) |  |  | (4,537 | ) |  |  | (23,363 | ) |
Net (loss) income before income taxes |  | (13,722 | ) |  |  | 506 |  |  |  | (760 | ) |  |  | (6,912 | ) |  |  | (6,556 | ) |
Income tax (expense) benefit |  | (6 | ) |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | (8 | ) |
Net (loss) income | $ | (13,728 | ) |  | $ | 506 |  |  | $ | (760 | ) |  | $ | (6,910 | ) |  | $ | (6,564 | ) |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 44.1% |  |  | 49.0% |  |  | Various |  |
| Net (loss) income | $ | (3,737 | ) |  | $ | 253 |  |  | $ | (336 | ) |  | $ | (3,387 | ) |  | $ | (267 | ) |
| Less: Step-up basis adjustment |  | (115 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (115 | ) |
| Add: Distributions received from 712 Fifth Avenue in excess of earnings |  | 1,037 |  |  |  | 1,037 |  |  |  | - |  |  |  | - |  |  |  | - |  |
| PGRE's share of net (loss) income |  | (2,815 | ) |  |  | 1,290 |  |  |  | (336 | ) |  |  | (3,387 | ) |  |  | (382 | ) |
| Add: Real estate depreciation and amortization |  | 10,823 |  |  |  | 4,159 |  |  |  | 933 |  |  |  | 4,230 |  |  |  | 1,501 |  |
| FFO (4) |  | 8,008 |  |  |  | 5,449 |  |  |  | 597 |  |  |  | 843 |  |  |  | 1,119 |  |
| Less: Distributions received from 712 Fifth Avenue in excess of earnings |  | (1,037 | ) |  |  | (1,037 | ) |  |  | - |  |  |  | - |  |  |  | - |  |
| Core FFO (4) | $ | 6,971 |  |  | $ | 4,412 |  |  | $ | 597 |  |  | $ | 843 |  |  | $ | 1,119 |  |
Joint Venture Partners' share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 55.9% |  |  | 51.0% |  |  | Various |  |
| Net (loss) income | $ | (9,991 | ) |  | $ | 253 |  |  | $ | (424 | ) |  | $ | (3,523 | ) |  | $ | (6,297 | ) |
| Add: Real estate depreciation and amortization |  | 35,751 |  |  |  | 4,159 |  |  |  | 1,183 |  |  |  | 4,402 |  |  |  | 26,007 |  |
| FFO/Core FFO (4) | $ | 25,760 |  |  | $ | 4,412 |  |  | $ | 759 |  |  | $ | 879 |  |  | $ | 19,710 |  |

(1) | Represents the results of operations from the date of acquisition (August 21, 2019) through September 30, 2019.

(2) | Represents the results of operations from the date of acquisition (February 7, 2019) through September 30, 2019.

(3) | Represents 60 Wall, Oder-Center, Germany and One Steuart Lane.

(4) | See page 47 for our definition of these measures.

- 31 -

|  | CAPITAL STRUCTURE

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

|  |  |  |  |  |  |  |  | As of September 30, 2020 |
Debt: |  |  |
| Consolidated debt: |  |  |
|  | Notes and mortgages payable (1) | $ | 3,819,434 |
|  | $1.0 billion Revolving Credit Facility |  | 200,000 |
|  |  |  |  |  |  |  |  |  | 4,019,434 |
| Less: |  |  |
|  | Noncontrolling interests' share of consolidated debt (2) |  | (790,653 | )
| Add: |  |  |
|  | PGRE's share of unconsolidated joint venture debt (3) |  | 606,158 |
| PGRE's Share of Total Debt (4) |  | 3,834,939 |

|  |  |  |  | Shares / Units |  |  | Share Price as of |  |  |  |  |
Equity: | Outstanding |  |  | September 30, 2020 |  |  |  |  |
| Common stock |  | 220,545,325 |  |  | $ | 7.08 |  |  |  | 1,561,461 |
| Operating Partnership units |  | 20,756,618 |  |  |  | 7.08 |  |  |  | 146,956 |
| Total equity |  | 241,301,943 |  |  |  | 7.08 |  |  |  | 1,708,417 |
Total Market Capitalization | $ | 5,543,356 |

(1) | Represents contractual amount due pursuant to the respective debt agreements.

(2) | Represents noncontrolling interests’ share of 1633 Broadway, One Market Plaza and 300 Mission Street.

(3) | Represents our share of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street and Oder-Center, Germany.

(4) | See page 47 for our definition of this measure.

- 32 -

|  | DEBT ANALYSIS

(unaudited and in thousands)

|  |  |  |  | Total Debt |  |  |  |  | Fixed Rate Debt |  |  |  |  | Variable Rate Debt |
Consolidated Debt: | Amount |  |  | Rate |  |  |  |  | Amount |  |  | Rate |  |  |  |  | Amount |  |  | Rate |
| 1633 Broadway | $ | 1,250,000 |  |  |  | 2.99 | % |  |  |  | $ | 1,250,000 |  |  |  | 2.99 | % |  |  |  | $ | - |  |  |  | - |
| 1301 Avenue of the Americas |  | 850,000 |  |  |  | 2.61 | % |  |  |  |  | 500,000 |  |  |  | 3.05 | % |  |  |  |  | 350,000 |  |  |  | 1.99 | %
| 31 West 52nd Street |  | 500,000 |  |  |  | 3.80 | % |  |  |  |  | 500,000 |  |  |  | 3.80 | % |  |  |  |  | - |  |  |  | - |
| One Market Plaza |  | 975,000 |  |  |  | 4.03 | % |  |  |  |  | 975,000 |  |  |  | 4.03 | % |  |  |  |  | - |  |  |  | - |
| 300 Mission Street |  | 244,434 |  |  |  | 3.65 | % |  |  |  |  | 244,434 |  |  |  | 3.65 | % |  |  |  |  | - |  |  |  | - |
| Revolving Credit Facility |  | 200,000 |  |  |  | 1.30 | % |  |  |  |  | - |  |  |  | - |  |  |  |  |  | 200,000 |  |  |  | 1.30 | %
Total consolidated debt |  | 4,019,434 |  |  |  | 3.22 | % |  |  |  |  | 3,469,434 |  |  |  | 3.45 | % |  |  |  |  | 550,000 |  |  |  | 1.74 | %
Noncontrolling interests' share |  | (790,653 | ) |  |  | 3.79 | % |  |  |  |  | (790,653 | ) |  |  | 3.79 | % |  |  |  |  | - |  |  |  | - |
PGRE's share of consolidated debt | $ | 3,228,781 |  |  |  | 3.08 | % |  |  |  | $ | 2,678,781 |  |  |  | 3.36 | % |  |  |  | $ | 550,000 |  |  |  | 1.74 | %
Unconsolidated Joint Venture Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 712 Fifth Avenue | $ | 300,000 |  |  |  | 3.39 | % |  |  |  | $ | 300,000 |  |  |  | 3.39 | % |  |  |  | $ | - |  |  |  | - |
| Market Center |  | 403,973 |  |  |  | 3.06 | % |  |  |  |  | 402,000 |  |  |  | 3.07 | % |  |  |  |  | 1,973 |  |  |  | 1.65 | %
| 55 Second Street |  | 187,500 |  |  |  | 3.88 | % |  |  |  |  | 187,500 |  |  |  | 3.88 | % |  |  |  |  | - |  |  |  | - |
| 111 Sutter Street |  | 147,550 |  |  |  | 3.65 | % |  |  |  |  | - |  |  |  | - |  |  |  |  |  | 147,550 |  |  |  | 3.65 | %
| 60 Wall Street |  | 575,000 |  |  |  | 2.60 | % |  |  |  |  | - |  |  |  | - |  |  |  |  |  | 575,000 |  |  |  | 2.60 | %
| Oder-Center, Germany |  | 18,101 |  |  |  | 4.62 | % |  |  |  |  | 18,101 |  |  |  | 4.62 | % |  |  |  |  | - |  |  |  | - |
Total unconsolidated debt |  | 1,632,124 |  |  |  | 3.12 | % |  |  |  |  | 907,601 |  |  |  | 3.37 | % |  |  |  |  | 724,523 |  |  |  | 2.81 | %
Joint venture partners' share |  | (1,025,966 | ) |  |  | 3.02 | % |  |  |  |  | (403,872 | ) |  |  | 3.46 | % |  |  |  |  | (622,094 | ) |  |  | 2.73 | %
PGRE's share of unconsolidated debt | $ | 606,158 |  |  |  | 3.31 | % |  |  |  | $ | 503,729 |  |  |  | 3.30 | % |  |  |  | $ | 102,429 |  |  |  | 3.33 | %
PGRE's share of Total Debt (1) | $ | 3,834,939 |  |  |  | 3.12 | % |  |  |  | $ | 3,182,510 |  |  |  | 3.35 | % |  |  |  | $ | 652,429 |  |  |  | 1.99 | %

Revolving Credit Facility Covenants: (2) | Required |  | Actual |  |  |  | Debt Composition (at PGRE's share): | Amount |  |  | % |  |
| Total Debt / Total Assets | Less than 60% |  | 42.9 | % |  |  | Fixed rate debt: |  |  |  |  |  |  |  |
| Secured Debt / Total Assets | Less than 50% |  | 43.4 | % |  |  |  | Consolidated fixed rate debt | $ | 2,678,781 |  |  |  |  |  |
| Fixed Charge Coverage | Greater than 1.5x | 3.36x |  |  |  |  | Unconsolidated fixed rate debt |  | 503,729 |  |  |  |  |  |
| Unsecured Debt / Unencumbered Assets | Less than 60% |  | 0.0 | % |  |  |  | PGRE's share of fixed rate debt |  | 3,182,510 |  |  |  | 83.0 | % |
| Unencumbered Interest Coverage | Greater than 1.75x | 15.34x |  |  |  | Variable rate debt: |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Consolidated variable rate debt |  | 550,000 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Unconsolidated variable rate debt |  | 102,429 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | PGRE's share of variable rate debt |  | 652,429 |  |  |  | 17.0 | % |
|  |  |  |  |  |  |  |  |  |  |  |  | PGRE's share of Total Debt (1) | $ | 3,834,939 |  |  |  | 100.0 | % |

(1) | See page 47 for our definition of this measure.

(2) | This section presents ratios as of September 30, 2020 in accordance with the terms of our revolving credit facility, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the revolving credit facility.

- 33 -

|  | DEBT MATURITIES

(unaudited and in thousands)

Consolidated Debt: | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
| 1301 Avenue of the Americas | $ | - |  |  | $ | 850,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 850,000 |
| 300 Mission Street |  | - |  |  |  | - |  |  |  | - |  |  |  | 244,434 |  |  |  | - |  |  |  | - |  |  |  | 244,434 |
| One Market Plaza |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 975,000 |  |  |  | - |  |  |  | 975,000 |
| 1633 Broadway |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,250,000 |  |  |  | 1,250,000 |
| 31 West 52nd Street |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 500,000 |  |  |  | 500,000 |
| Revolving Credit Facility |  | - |  |  |  | - |  |  |  | 200,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 200,000 |
Total consolidated debt |  | - |  |  |  | 850,000 |  |  |  | 200,000 |  |  |  | 244,434 |  |  |  | 975,000 |  |  |  | 1,750,000 |  |  |  | 4,019,434 |
Noncontrolling interests' share |  | - |  |  |  | - |  |  |  | - |  |  |  | (168,415 | ) |  |  | (497,250 | ) |  |  | (124,988 | ) |  |  | (790,653 | )
PGRE's share of consolidated debt | $ | - |  |  | $ | 850,000 |  |  | $ | 200,000 |  |  | $ | 76,019 |  |  | $ | 477,750 |  |  | $ | 1,625,012 |  |  | $ | 3,228,781 |
Unconsolidated Joint Venture Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 60 Wall Street | $ | - |  |  | $ | - |  |  | $ | 575,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 575,000 |
| Oder-Center, Germany |  | - |  |  |  | - |  |  |  | 18,101 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,101 |
| 111 Sutter Street |  | - |  |  |  | - |  |  |  | - |  |  |  | 147,550 |  |  |  | - |  |  |  | - |  |  |  | 147,550 |
| Market Center |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 403,973 |  |  |  | 403,973 |
| 712 Fifth Avenue |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 300,000 |  |  |  | 300,000 |
| 55 Second Street |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 187,500 |  |  |  | 187,500 |
Total unconsolidated debt |  | - |  |  |  | - |  |  |  | 593,101 |  |  |  | 147,550 |  |  |  | - |  |  |  | 891,473 |  |  |  | 1,632,124 |
Joint venture partners' share |  | - |  |  |  | - |  |  |  | (562,573 | ) |  |  | (75,251 | ) |  |  | - |  |  |  | (388,142 | ) |  |  | (1,025,966 | )
PGRE's share of unconsolidated debt | $ | - |  |  | $ | - |  |  | $ | 30,528 |  |  | $ | 72,299 |  |  | $ | - |  |  | $ | 503,331 |  |  | $ | 606,158 |
PGRE's Share of Total Debt (1) | $ | - |  |  | $ | 850,000 |  |  | $ | 230,528 |  |  | $ | 148,318 |  |  | $ | 477,750 |  |  | $ | 2,128,343 |  |  | $ | 3,834,939 |
Weighted average rate |  | - | % |  |  | 2.61 | % |  |  | 1.49 | % |  |  | 3.65 | % |  |  | 4.03 | % |  |  | 3.25 | % |  |  | 3.12 | %
% of debt maturing |  | - | % |  |  | 22.2 | % |  |  | 6.0 | % |  |  | 3.9 | % |  |  | 12.5 | % |  |  | 55.4 | % |  |  | 100.0 | %

(1) | See page 47 for our definition of this measure.

- 34 -

|  | PORTFOLIO SUMMARY

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

|  |  |  |  | Paramount |  |  | Number of |  |  | Square |  |  | % |  |  | % |  |  | Annualized Rent (1) |  |
Property |  | Submarket |  | Ownership |  |  | Buildings |  |  | Feet |  |  | Leased (1) |  |  | Occupied (1) |  |  | Amount |  |  | Per Square Foot (2) |  |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1633 Broadway (3) | West Side |  | 90.0 | % |  |  | 1 |  |  |  | 2,499,105 |  |  |  | 98.4 | % |  |  | 98.4 | % |  | $ | 181,533 |  |  | $ | 76.40 |  |
1301 Avenue of the Americas | Sixth Avenue / Rock Center |  | 100.0 | % |  |  | 1 |  |  |  | 1,765,688 |  |  |  | 99.0 | % |  |  | 98.1 | % |  |  | 138,773 |  |  |  | 80.42 |  |
1325 Avenue of the Americas | Sixth Avenue / Rock Center |  | 100.0 | % |  |  | 1 |  |  |  | 810,993 |  |  |  | 91.7 | % |  |  | 91.7 | % |  |  | 49,745 |  |  |  | 68.29 |  |
31 West 52nd Street | Sixth Avenue / Rock Center |  | 100.0 | % |  |  | 1 |  |  |  | 763,140 |  |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 71,327 |  |  |  | 92.62 |  |
900 Third Avenue | East Side |  | 100.0 | % |  |  | 1 |  |  |  | 591,533 |  |  |  | 80.6 | % |  |  | 80.6 | % |  |  | 34,962 |  |  |  | 73.42 |  |
712 Fifth Avenue | Madison / Fifth Avenue |  | 50.0 | % |  |  | 1 |  |  |  | 543,411 |  |  |  | 74.4 | % |  |  | 70.0 | % |  |  | 44,147 |  |  |  | 115.92 |  |
60 Wall Street | Downtown |  | 5.0 | % |  |  | 1 |  |  |  | 1,625,483 |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 73,600 |  |  |  | 45.28 |  | (4)
Subtotal / Weighted average |  |  |  |  |  |  |  | 7 |  |  |  | 8,599,353 |  |  |  | 95.4 | % |  |  | 95.0 | % |  |  | 594,087 |  |  |  | 73.45 |  |
PGRE's share |  |  |  |  |  |  |  | 7 |  |  |  | 6,533,716 |  |  |  | 95.1 | % |  |  | 94.7 | % |  |  | 483,949 |  |  |  | 79.30 |  |
San Francisco: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Market Plaza | South Financial District |  | 49.0 | % |  |  | 2 |  |  |  | 1,591,919 |  |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 141,993 |  |  |  | 90.16 |  |
Market Center | South Financial District |  | 67.0 | % |  |  | 2 |  |  |  | 746,013 |  |  |  | 93.7 | % |  |  | 93.7 | % |  |  | 59,637 |  |  |  | 85.35 |  |
300 Mission Street | South Financial District |  | 31.1 | % |  |  | 1 |  |  |  | 660,702 |  |  |  | 99.1 | % |  |  | 99.1 | % |  |  | 53,014 |  |  |  | 81.12 |  |
One Front Street | North Financial District |  | 100.0 | % |  |  | 1 |  |  |  | 644,700 |  |  |  | 100.0 | % |  |  | 98.8 | % |  |  | 51,925 |  |  |  | 81.62 |  |
55 Second Street | South Financial District |  | 44.1 | % |  |  | 1 |  |  |  | 379,621 |  |  |  | 95.7 | % |  |  | 95.7 | % |  |  | 27,834 |  |  |  | 76.83 |  |
111 Sutter Street | North Financial District |  | 49.0 | % |  |  | 1 |  |  |  | 277,403 |  |  |  | 83.0 | % |  |  | 83.0 | % |  |  | 18,415 |  |  |  | 80.73 |  |
Subtotal / Weighted average |  |  |  |  |  |  |  | 8 |  |  |  | 4,300,358 |  |  |  | 96.6 | % |  |  | 96.4 | % |  |  | 352,818 |  |  |  | 84.92 |  |
PGRE's share |  |  |  |  |  |  |  | 8 |  |  |  | 2,433,388 |  |  |  | 96.8 | % |  |  | 96.5 | % |  |  | 199,244 |  |  |  | 84.74 |  |
Subtotal / Weighted average |  |  |  |  |  |  |  | 15 |  |  |  | 12,899,711 |  |  |  | 95.8 | % |  |  | 95.5 | % |  |  | 946,905 |  |  | $ | 77.38 |  |
PGRE's share |  |  |  |  |  |  |  | 15 |  |  |  | 8,967,104 |  |  |  | 95.6 | % |  |  | 95.2 | % |  |  | 683,193 |  |  | $ | 80.84 |  |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1899 Pennsylvania Avenue (5) | CBD |  | 100.0 | % |  |  | 1 |  |  |  | 190,955 |  |  |  | 90.4 | % |  |  | 90.4 | % |  |  | 15,376 |  |  |  | 88.51 |  |
Total / Weighted average |  |  |  |  |  |  |  | 16 |  |  |  | 13,090,666 |  |  |  | 95.8 | % |  |  | 95.4 | % |  |  | 962,281 |  |  | $ | 77.54 |  |
PGRE's share |  |  |  |  |  |  |  | 16 |  |  |  | 9,158,059 |  |  |  | 95.5 | % |  |  | 95.1 | % |  |  | 698,569 |  |  | $ | 80.99 |  |

(1) | See page 47 for our definition of this measure.

(2) | Represents office and retail space only.

(3) | On May 27, 2020, we sold a 10.0% interest in 1633 Broadway.

(4) | Represents “triple-net” rent.

(5) | On March 6, 2020, we entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020.

- 35 -

|  | SAME STORE LEASED OCCUPANCY

(unaudited)

|  |  |  |  |  |  | As of September 30, 2020 |  |  | As of June 30, 2020 |  |  | Change in |
|  |  | Paramount |  |  |  |  |  |  | Same Store |  |  |  |  |  |  | Same Store |  |  | Same Store |
Property |  | Ownership |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % |
New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1633 Broadway |  | 90.0 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | - | %
1301 Avenue of the Americas |  | 100.0 | % |  |  | 99.0 | % |  |  | 99.0 | % |  |  | 99.0 | % |  |  | 99.0 | % |  |  | - | %
1325 Avenue of the Americas |  | 100.0 | % |  |  | 91.7 | % |  |  | 91.7 | % |  |  | 91.8 | % |  |  | 91.8 | % |  |  | (0.1 | %)
31 West 52nd Street |  | 100.0 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 98.3 | % |  |  | 98.3 | % |  |  | (0.1 | %)
900 Third Avenue |  | 100.0 | % |  |  | 80.6 | % |  |  | 80.6 | % |  |  | 81.8 | % |  |  | 81.8 | % |  |  | (1.2 | %)
712 Fifth Avenue |  | 50.0 | % |  |  | 74.4 | % |  |  | 74.4 | % |  |  | 75.2 | % |  |  | 75.2 | % |  |  | (0.8 | %)
60 Wall Street |  | 5.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | - | %
Weighted average |  |  |  |  |  | 95.4 | % |  |  | 95.4 | % |  |  | 95.6 | % |  |  | 95.6 | % |  |  | (0.2 | %)
PGRE's share |  |  |  |  |  | 95.1 | % |  |  | 95.1 | % |  |  | 95.3 | % |  |  | 95.3 | % |  |  | (0.2 | %)
San Francisco: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Market Plaza |  | 49.0 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | - | %
Market Center |  | 67.0 | % |  |  | 93.7 | % |  |  | 93.7 | % |  |  | 94.3 | % |  |  | 94.3 | % |  |  | (0.6 | %)
300 Mission Street |  | 31.1 | % |  |  | 99.1 | % |  |  | 99.1 | % |  |  | 99.1 | % |  |  | 99.1 | % |  |  | - | %
One Front Street |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | - | %
55 Second Street |  | 44.1 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | - | %
111 Sutter Street |  | 49.0 | % |  |  | 83.0 | % |  |  | 83.0 | % |  |  | 83.3 | % |  |  | 83.3 | % |  |  | (0.3 | %)
Weighted average |  |  |  |  |  | 96.6 | % |  |  | 96.6 | % |  |  | 96.7 | % |  |  | 96.7 | % |  |  | (0.1 | %)
PGRE's share |  |  |  |  |  | 96.8 | % |  |  | 96.8 | % |  |  | 96.9 | % |  |  | 96.9 | % |  |  | (0.1 | %)
Weighted average |  |  |  |  |  | 95.8 | % |  |  | 95.8 | % |  |  | 96.0 | % |  |  | 96.0 | % |  |  | (0.2 | %)
PGRE's share |  |  |  |  |  | 95.6 | % |  |  | 95.6 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | (0.1 | %)
Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1899 Pennsylvania Avenue |  | 100.0 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | - | %
Weighted average |  |  |  |  |  | 95.8 | % |  |  | 95.8 | % |  |  | 95.9 | % |  |  | 95.9 | % |  |  | (0.1 | %)
PGRE's share |  |  |  |  |  | 95.5 | % |  |  | 95.5 | % |  |  | 95.6 | % |  |  | 95.6 | % |  |  | (0.1 | %)

(1) | See page 47 for our definition of this measure.

- 36 -

|  | SAME STORE LEASED OCCUPANCY

(unaudited)

|  |  |  |  |  |  | As of September 30, 2020 |  |  | As of December 31, 2019 |  |  | Change in |
|  |  | Paramount |  |  |  |  |  |  | Same Store |  |  |  |  |  |  | Same Store |  |  | Same Store |
Property |  | Ownership |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % (1) |  |  | Leased % |
New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1633 Broadway |  | 90.0 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | - | %
1301 Avenue of the Americas |  | 100.0 | % |  |  | 99.0 | % |  |  | 99.0 | % |  |  | 99.4 | % |  |  | 99.4 | % |  |  | (0.4 | %)
1325 Avenue of the Americas |  | 100.0 | % |  |  | 91.7 | % |  |  | 91.7 | % |  |  | 91.1 | % |  |  | 91.1 | % |  |  | 0.6 | %
31 West 52nd Street |  | 100.0 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 97.5 | % |  |  | 97.5 | % |  |  | 0.7 | %
900 Third Avenue |  | 100.0 | % |  |  | 80.6 | % |  |  | 80.6 | % |  |  | 83.4 | % |  |  | 83.4 | % |  |  | (2.8 | %)
712 Fifth Avenue |  | 50.0 | % |  |  | 74.4 | % |  |  | 74.4 | % |  |  | 74.2 | % |  |  | 74.2 | % |  |  | 0.2 | %
60 Wall Street |  | 5.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | - | %
Weighted average |  |  |  |  |  | 95.4 | % |  |  | 95.4 | % |  |  | 95.6 | % |  |  | 95.6 | % |  |  | (0.2 | %)
PGRE's share |  |  |  |  |  | 95.1 | % |  |  | 95.1 | % |  |  | 95.5 | % |  |  | 95.3 | % |  |  | (0.2 | %)
San Francisco: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Market Plaza |  | 49.0 | % |  |  | 98.2 | % |  |  | 98.2 | % |  |  | 98.4 | % |  |  | 98.4 | % |  |  | (0.2 | %)
Market Center |  | 67.0 | % |  |  | 93.7 | % |  |  | 93.7 | % |  |  | 95.6 | % |  |  | 95.6 | % |  |  | (1.9 | %)
300 Mission Street |  | 31.1 | % |  |  | 99.1 | % |  |  | 99.1 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | (0.9 | %)
One Front Street |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | - | %
55 Second Street |  | 44.1 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | 95.7 | % |  |  | - | %
111 Sutter Street |  | 49.0 | % |  |  | 83.0 | % |  |  | 83.0 | % |  |  | 86.3 | % |  |  | 86.3 | % |  |  | (3.3 | %)
Weighted average |  |  |  |  |  | 96.6 | % |  |  | 96.6 | % |  |  | 97.4 | % |  |  | 97.4 | % |  |  | (0.8 | %)
PGRE's share |  |  |  |  |  | 96.8 | % |  |  | 96.8 | % |  |  | 97.5 | % |  |  | 97.5 | % |  |  | (0.7 | %)
Weighted average |  |  |  |  |  | 95.8 | % |  |  | 95.8 | % |  |  | 96.2 | % |  |  | 96.2 | % |  |  | (0.4 | %)
PGRE's share |  |  |  |  |  | 95.6 | % |  |  | 95.6 | % |  |  | 96.0 | % |  |  | 95.9 | % |  |  | (0.3 | %)
Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1899 Pennsylvania Avenue |  | 100.0 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | 90.4 | % |  |  | - | %
Weighted average |  |  |  |  |  | 95.8 | % |  |  | 95.8 | % |  |  | 96.1 | % |  |  | 96.1 | % |  |  | (0.3 | %)
PGRE's share |  |  |  |  |  | 95.5 | % |  |  | 95.5 | % |  |  | 95.9 | % |  |  | 95.8 | % |  |  | (0.3 | %)

(1) | See page 47 for our definition of this measure.

- 37 -

|  | TOP TENANTS AND INDUSTRY DIVERSIFICATION

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

|  |  |  |  |  |  |  |  |  |  |  | PGRE's Share of |
|  |  |  |  |  |  |  | Total |  |  | Total |  |  |  |  |  |  | Annualized Rent (1) |  |  | % of |
|  |  |  |  |  | Lease |  | Square Feet |  |  | Square Feet |  |  | % of Total |  |  |  |  |  |  | Per Square |  |  | Annualized |
Top 10 Tenants: | Property |  | Expiration |  | Occupied |  |  | Occupied |  |  | Square Feet |  |  | Amount |  |  | Foot |  |  | Rent |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Capital, Inc. | 1301 Avenue of the Americas |  | Dec-2020 |  |  | 497,418 |  |  |  | 497,418 |  |  |  | 5.4 | % |  | $ | 33,475 |  |  | $ | 67.30 |  |  |  | 4.8 | %
| Clifford Chance LLP | 31 West 52nd Street |  | Jun-2024 |  |  | 328,992 |  |  |  | 328,992 |  |  |  | 3.6 | % |  |  | 28,993 |  |  |  | 88.13 |  |  |  | 4.2 | %
| First Republic Bank | One Front Street |  | Jun-2025 | (2) |  | 350,340 |  | (2) |  | 350,340 |  | (2) |  | 3.8 | % |  |  | 28,399 |  |  |  | 81.06 |  |  |  | 4.1 | %
| Credit Agricole Corporate & |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Investment Bank | 1301 Avenue of the Americas |  | Feb-2023 |  |  | 312,679 |  |  |  | 312,679 |  |  |  | 3.4 | % |  |  | 27,471 |  |  |  | 87.86 |  |  |  | 3.9 | %
| Norton Rose Fulbright | 1301 Avenue of the Americas |  | Sep-2034 | (3) |  | 320,325 |  | (3) |  | 320,325 |  | (3) |  | 3.5 | % |  |  | 27,171 |  |  |  | 84.82 |  |  |  | 3.9 | %
| Allianz Global Investors, LP | 1633 Broadway |  | Jan-2031 |  |  | 320,911 |  |  |  | 288,823 |  |  |  | 3.2 | % |  |  | 26,310 |  |  |  | 91.09 |  |  |  | 3.8 | %
| Morgan Stanley & Company | 1633 Broadway |  | Mar-2032 |  |  | 260,829 |  |  |  | 234,749 |  |  |  | 2.6 | % |  |  | 17,919 |  |  |  | 76.33 |  |  |  | 2.6 | %
| WMG Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (Warner Music Group) | 1633 Broadway |  | Jul-2029 |  |  | 296,344 |  |  |  | 266,713 |  |  |  | 2.9 | % |  |  | 17,478 |  |  |  | 65.53 |  |  |  | 2.5 | %
| Showtime Networks, Inc. | 1633 Broadway |  | Jan-2026 |  |  | 261,196 |  |  |  | 235,079 |  |  |  | 2.6 | % |  |  | 15,018 |  |  |  | 63.88 |  |  |  | 2.1 | %
| Google, Inc. | One Market Plaza |  | Apr-2025 |  |  | 342,211 |  |  |  | 167,683 |  |  |  | 1.8 | % |  |  | 14,323 |  |  |  | 85.42 |  |  |  | 2.1 | %

|  |  |  |  |  | PGRE's Share of |  |  |  |  |  |  |
|  |  |  |  |  | Square Feet |  |  | % of Occupied |  |  | Annualized |  |  | % of |  |  |  |  |  |  |
Industry Diversification: | Occupied |  |  | Square Feet |  |  | Rent (1) |  |  | Annualized Rent |  |  |  |  |  |  |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Legal Services |  | 1,886,733 |  |  |  | 21.7 | % |  | $ | 156,963 |  |  |  | 22.5 | % |  |  |  |  |  |
| Financial Services - Commercial and Investment Banking |  | 1,866,318 |  |  |  | 21.4 | % |  |  | 143,317 |  |  |  | 20.5 | % |  |  |  |  |  |
| Technology and Media |  | 1,760,225 |  |  |  | 20.2 | % |  |  | 133,965 |  |  |  | 19.2 | % |  |  |  |  |  |
| Financial Services, all others |  | 1,278,611 |  |  |  | 14.7 | % |  |  | 115,208 |  |  |  | 16.5 | % |  |  |  |  |  |
| Insurance |  | 448,762 |  |  |  | 5.1 | % |  |  | 39,678 |  |  |  | 5.7 | % |  |  |  |  |  |
| Retail |  | 140,947 |  |  |  | 1.6 | % |  |  | 14,802 |  |  |  | 2.1 | % |  |  |  |  |  |
| Travel & Leisure |  | 192,856 |  |  |  | 2.2 | % |  |  | 13,532 |  |  |  | 1.9 | % |  |  |  |  |  |
| Real Estate |  | 162,320 |  |  |  | 1.9 | % |  |  | 13,305 |  |  |  | 1.9 | % |  |  |  |  |  |
| Other Professional Services |  | 145,817 |  |  |  | 1.7 | % |  |  | 11,911 |  |  |  | 1.7 | % |  |  |  |  |  |
| Other |  | 824,344 |  |  |  | 9.5 | % |  |  | 55,888 |  |  |  | 8.0 | % |  |  |  |  |  |

(1) | See page 47 for our definition of this measure.

(2) | 76,999 and 22,690 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively.

(3) | 116,462 of the square feet leased expires on March 31, 2032.

- 38 -

|  | LEASING ACTIVITY (1)

(unaudited)

|  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  |
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total square feet leased |  |  | 104,522 |  |  |  | 52,072 |  |  |  | 52,450 |  |  |
PGRE's share of total square feet leased:(2) |  |  | 54,721 |  |  |  | 29,419 |  |  |  | 25,302 |  |  |
Initial rent (3) |  | $ | 73.48 |  |  | $ | 72.16 |  |  | $ | 75.02 |  |  |
Weighted average lease term (in years) |  |  | 3.2 |  |  |  | 1.5 |  |  |  | 5.2 |  |  |
Tenant improvements and leasing commissions: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per square foot |  | $ | 1.52 |  |  | $ | 0.44 |  |  | $ | 2.77 |  |  |
Per square foot per annum |  | $ | 0.47 |  |  | $ | 0.30 |  |  | $ | 0.53 |  |  |
Percentage of initial rent |  |  | 0.6 | % |  |  | 0.4 | % |  |  | 0.7 | % |  |
Rent concessions: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average free rent period (in months) |  |  | 1.3 |  |  |  | 0.3 |  |  |  | 2.4 |  |  |
Average free rent period per annum (in months) |  |  | 0.4 |  |  |  | 0.2 |  |  |  | 0.5 |  |  |
Second generation space: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet |  |  | 54,721 |  |  |  | 29,419 |  |  |  | 25,302 |  |  |
Cash basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial rent (3) |  | $ | 73.48 |  |  | $ | 72.16 |  |  | $ | 75.02 |  |  |
Prior escalated rent (3) |  | $ | 70.95 |  |  | $ | 73.91 |  |  | $ | 67.51 |  |  |
Percentage increase (decrease) |  |  | 3.6 | % |  |  | (2.4 | %) |  |  | 11.1 | % |  |
GAAP basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent (3) |  | $ | 73.77 |  |  | $ | 70.93 |  |  | $ | 77.08 |  |  |
Prior straight-line rent (3) |  | $ | 67.39 |  |  | $ | 73.16 |  |  | $ | 60.69 |  |  |
Percentage increase (decrease) |  |  | 9.5 | % |  |  | (3.0 | %) |  |  | 27.0 | % |  |

(1) | The leasing statistics, except for square feet leased, represent office space only.

(2) | PGRE’s share of total square feet leased and the related statistics exclude the impact of 17,925 square feet of retail space at 712 Fifth Avenue, that was leased to Harry Winston for a 16-year term. The lease has a weighted average initial rent of $437.43 per square foot and tenant improvement and leasing commissions were $65.13 per square foot per annum, or 14.9% of initial rent.

(3) | See page 47 for our definition of this measure.

- 39 -

|  | LEASING ACTIVITY (1)

(unaudited)

|  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  |
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total square feet leased |  | 611,876 |  |  |  | 152,834 |  |  |  | 459,042 |  |  |
PGRE's share of total square feet leased:(2) |  |  | 350,687 |  |  |  | 125,913 |  |  |  | 224,774 |  |  |
Initial rent (3) |  | $ | 89.68 |  |  | $ | 76.60 |  |  | $ | 97.00 |  |  |
Weighted average lease term (in years) |  |  | 4.3 |  |  |  | 3.9 |  |  |  | 4.5 |  |  |
Tenant improvements and leasing commissions: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per square foot |  | $ | 30.59 |  |  | $ | 21.82 |  |  | $ | 35.50 |  |  |
Per square foot per annum |  | $ | 7.16 |  |  | $ | 5.54 |  |  | $ | 7.96 |  |  |
Percentage of initial rent |  |  | 8.0 | % |  |  | 7.2 | % |  |  | 8.2 | % |  |
Rent concessions: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average free rent period (in months) |  |  | 2.2 |  |  |  | 1.7 |  |  |  | 2.5 |  |  |
Average free rent period per annum (in months) |  |  | 0.5 |  |  |  | 0.4 |  |  |  | 0.6 |  |  |
Second generation space: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Square feet |  |  | 318,577 |  |  |  | 117,631 |  |  |  | 200,946 |  |  |
Cash basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial rent (3) |  | $ | 88.58 |  |  | $ | 74.34 |  |  | $ | 96.92 |  |  |
Prior escalated rent (3) |  | $ | 72.06 |  |  | $ | 73.93 |  |  | $ | 70.97 |  |  |
Percentage increase |  |  | 22.9 | % |  |  | 0.6 | % |  |  | 36.6 | % |  |
GAAP basis: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straight-line rent (3) |  | $ | 88.60 |  |  | $ | 72.31 |  |  | $ | 98.14 |  |  |
Prior straight-line rent (3) |  | $ | 71.83 |  |  | $ | 70.33 |  |  | $ | 72.70 |  |  |
Percentage increase |  |  | 23.4 | % |  |  | 2.8 | % |  |  | 35.0 | % |  |

(1) | The leasing statistics, except for square feet leased, represent office space only.

(2) | PGRE’s share of total square feet leased and the related statistics exclude the impact of 17,925 square feet of retail space at 712 Fifth Avenue, that was leased to Harry Winston for a 16-year term. The lease has a weighted average initial rent of $437.43 per square foot and tenant improvement and leasing commissions were $65.13 per square foot per annum, or 14.9% of initial rent.

(3) | See page 47 for our definition of this measure.

- 40 -

|  | LEASE EXPIRATIONS – TOTAL PORTFOLIO

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

|  |  | Total |  |  | PGRE's Share of |
Year of |  | Square Feet |  |  | Square Feet |  |  | Annualized Rent (1) |  |  | % of |
Lease Expiration (2) |  | of Expiring Leases |  |  | of Expiring Leases |  |  | Amount |  |  | Per Square Foot (3) |  |  | Annualized Rent |
| Month to Month |  |  | 15,275 |  |  |  | 10,915 |  |  | $ | 788 |  |  | $ | 56.31 |  |  |  | 0.1 | %
| 4Q 2020 |  |  | 81,702 |  |  |  | 46,448 |  |  |  | 4,111 |  |  |  | 89.30 |  |  |  | 0.6 | %
| 1Q 2021 |  |  | 723,643 |  |  |  | 638,709 |  |  |  | 45,393 |  |  |  | 71.44 |  |  |  | 6.4 | %
| 2Q 2021 |  |  | 195,783 |  |  |  | 190,261 |  |  |  | 15,524 |  |  |  | 81.50 |  |  |  | 2.2 | %
| 3Q 2021 |  |  | 37,003 |  |  |  | 35,937 |  |  |  | 2,739 |  |  |  | 76.87 |  |  |  | 0.4 | %
| 4Q 2021 |  |  | 82,125 |  |  |  | 66,470 |  |  |  | 3,497 |  |  |  | 75.17 |  |  |  | 0.5 | %
| Total 2021 |  |  | 1,038,554 |  |  |  | 931,377 |  |  |  | 67,153 |  |  |  | 73.95 |  |  |  | 9.5 | %
| 2022 |  |  | 2,262,732 |  |  |  | 464,854 |  |  |  | 31,048 |  |  |  | 80.09 |  |  |  | 4.4 | %
| 2023 |  |  | 1,047,364 |  |  |  | 889,302 |  |  |  | 73,576 |  |  |  | 85.28 |  |  |  | 10.4 | %
| 2024 |  |  | 802,940 |  |  |  | 714,755 |  |  |  | 59,633 |  |  |  | 83.48 |  |  |  | 8.4 | %
| 2025 |  |  | 1,411,167 |  |  |  | 881,262 |  |  |  | 72,672 |  |  |  | 82.46 |  |  |  | 10.3 | %
| 2026 |  |  | 1,432,221 |  |  |  | 1,008,529 |  |  |  | 80,189 |  |  |  | 77.58 |  |  |  | 11.3 | %
| 2027 |  |  | 207,449 |  |  |  | 141,918 |  |  |  | 12,383 |  |  |  | 87.20 |  |  |  | 1.7 | %
| 2028 |  |  | 255,681 |  |  |  | 209,154 |  |  |  | 16,994 |  |  |  | 81.74 |  |  |  | 2.4 | %
| 2029 |  |  | 550,277 |  |  |  | 501,287 |  |  |  | 38,357 |  |  |  | 76.93 |  |  |  | 5.4 | %
| Thereafter |  |  | 3,429,238 |  |  |  | 2,943,301 |  |  |  | 250,988 |  |  |  | 83.74 |  |  |  | 35.5 | %

(1) | See page 47 for our definition of this measure.

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

(3) | Represents office and retail space only.

- 41 -

|  | LEASE EXPIRATIONS – NEW YORK

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

|  |  | Total |  |  | PGRE's Share of |
Year of |  | Square Feet |  |  | Square Feet |  |  | Annualized Rent (1) |  |  | % of |
Lease Expiration (2) |  | of Expiring Leases |  |  | of Expiring Leases |  |  | Amount |  |  | Per Square Foot (3) |  |  | Annualized Rent |
| Month to Month |  |  | 4,739 |  |  |  | 4,231 |  |  | $ | 486 |  |  | $ | 67.68 |  |  |  | 0.1 | %
| 4Q 2020 |  |  | 32,672 |  |  |  | 17,702 |  |  |  | 1,427 |  |  |  | 81.67 |  |  |  | 0.3 | %
| 1Q 2021 |  |  | 553,146 |  |  |  | 544,689 |  |  |  | 37,379 |  |  |  | 69.11 |  |  |  | 7.6 | %
| 2Q 2021 |  |  | 180,286 |  |  |  | 180,286 |  |  |  | 14,671 |  |  |  | 81.36 |  |  |  | 3.0 | %
| 3Q 2021 |  |  | 13,238 |  |  |  | 13,238 |  |  |  | 792 |  |  |  | 58.58 |  |  |  | 0.2 | %
| 4Q 2021 |  |  | 68,404 |  |  |  | 57,277 |  |  |  | 2,770 |  |  |  | 73.77 |  |  |  | 0.6 | %
| Total 2021 |  |  | 815,074 |  |  |  | 795,490 |  |  |  | 55,612 |  |  |  | 72.00 |  |  |  | 11.4 | %
| 2022 |  |  | 1,831,675 |  |  |  | 258,953 |  |  |  | 13,162 |  |  |  | 71.42 |  |  |  | 2.7 | %
| 2023 |  |  | 552,946 |  |  |  | 524,561 |  |  |  | 41,122 |  |  |  | 82.55 |  |  |  | 8.4 | %
| 2024 |  |  | 601,726 |  |  |  | 584,882 |  |  |  | 48,249 |  |  |  | 82.60 |  |  |  | 9.8 | %
| 2025 |  |  | 299,107 |  |  |  | 241,876 |  |  |  | 21,584 |  |  |  | 89.20 |  |  |  | 4.4 | %
| 2026 |  |  | 704,695 |  |  |  | 646,145 |  |  |  | 50,981 |  |  |  | 75.76 |  |  |  | 10.4 | %
| 2027 |  |  | 85,378 |  |  |  | 79,854 |  |  |  | 6,873 |  |  |  | 86.07 |  |  |  | 1.4 | %
| 2028 |  |  | 147,554 |  |  |  | 127,134 |  |  |  | 10,399 |  |  |  | 82.38 |  |  |  | 2.1 | %
| 2029 |  |  | 517,456 |  |  |  | 484,516 |  |  |  | 37,065 |  |  |  | 76.93 |  |  |  | 7.6 | %
| Thereafter |  |  | 2,614,236 |  |  |  | 2,449,795 |  |  |  | 202,660 |  |  |  | 80.86 |  |  |  | 41.4 | %

(1) | See page 47 for our definition of this measure.

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

(3) | Represents office and retail space only.

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|  | LEASE EXPIRATIONS – SAN FRANCISCO

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

|  |  | Total |  |  | PGRE's Share of |
Year of |  | Square Feet |  |  | Square Feet |  |  | Annualized Rent (1) |  |  | % of |
Lease Expiration (2) |  | of Expiring Leases |  |  | of Expiring Leases |  |  | Amount |  |  | Per Square Foot (3) |  |  | Annualized Rent |
| Month to Month |  |  | 9,461 |  |  |  | 5,609 |  |  | $ | 302 |  |  | $ | 40.13 |  |  |  | 0.2 | %
| 4Q 2020 |  |  | 49,030 |  |  |  | 28,746 |  |  |  | 2,684 |  |  |  | 93.79 |  |  |  | 1.3 | %
| 1Q 2021 |  |  | 166,180 |  |  |  | 89,703 |  |  |  | 7,639 |  |  |  | 84.78 |  |  |  | 3.8 | %
| 2Q 2021 |  |  | 15,497 |  |  |  | 9,975 |  |  |  | 853 |  |  |  | 84.10 |  |  |  | 0.4 | %
| 3Q 2021 |  |  | 23,765 |  |  |  | 22,699 |  |  |  | 1,947 |  |  |  | 87.94 |  |  |  | 1.0 | %
| 4Q 2021 |  |  | 13,721 |  |  |  | 9,193 |  |  |  | 727 |  |  |  | 79.08 |  |  |  | 0.3 | %
| Total 2021 |  |  | 219,163 |  |  |  | 131,570 |  |  |  | 11,166 |  |  |  | 84.86 |  |  |  | 5.5 | %
| 2022 |  |  | 427,326 |  |  |  | 202,170 |  |  |  | 17,672 |  |  |  | 87.39 |  |  |  | 8.7 | %
| 2023 |  |  | 359,640 |  |  |  | 229,963 |  |  |  | 19,947 |  |  |  | 86.95 |  |  |  | 9.8 | %
| 2024 |  |  | 201,214 |  |  |  | 129,873 |  |  |  | 11,384 |  |  |  | 87.46 |  |  |  | 5.6 | %
| 2025 |  |  | 1,112,060 |  |  |  | 639,386 |  |  |  | 51,088 |  |  |  | 79.90 |  |  |  | 25.2 | %
| 2026 |  |  | 699,280 |  |  |  | 334,138 |  |  |  | 26,949 |  |  |  | 80.85 |  |  |  | 13.3 | %
| 2027 |  |  | 122,071 |  |  |  | 62,064 |  |  |  | 5,510 |  |  |  | 88.66 |  |  |  | 2.7 | %
| 2028 |  |  | 108,127 |  |  |  | 82,020 |  |  |  | 6,595 |  |  |  | 80.74 |  |  |  | 3.3 | %
| 2029 |  |  | 32,821 |  |  |  | 16,771 |  |  |  | 1,292 |  |  |  | 77.03 |  |  |  | 0.6 | %
| Thereafter |  |  | 814,479 |  |  |  | 492,983 |  |  |  | 48,308 |  |  |  | 97.99 |  |  |  | 23.8 | %

(1) | See page 47 for our definition of this measure.

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

(3) | Represents office and retail space only.

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|  | LEASE EXPIRATIONS – OTHER (1)

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

|  |  | Total |  |  | PGRE's Share of |
Year of |  | Square Feet |  |  | Square Feet |  |  | Annualized Rent (2) |  |  | % of |
Lease Expiration (3) |  | of Expiring Leases |  |  | of Expiring Leases |  |  | Amount |  |  | Per Square Foot (4) |  |  | Annualized Rent |
| Month to Month |  |  | 1,075 |  |  |  | 1,075 |  |  | $ | - |  |  | $ | - |  |  |  | - | %
| 4Q 2020 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 1Q 2021 |  |  | 4,317 |  |  |  | 4,317 |  |  |  | 375 |  |  |  | 86.95 |  |  |  | 2.4 | %
| 2Q 2021 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 3Q 2021 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 4Q 2021 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| Total 2021 |  |  | 4,317 |  |  |  | 4,317 |  |  |  | 375 |  |  |  | 86.95 |  |  |  | 2.4 | %
| 2022 |  |  | 3,731 |  |  |  | 3,731 |  |  |  | 214 |  |  |  | 57.32 |  |  |  | 1.4 | %
| 2023 |  |  | 134,778 |  |  |  | 134,778 |  |  |  | 12,507 |  |  |  | 91.44 |  |  |  | 81.4 | %
| 2024 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 2025 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 2026 |  |  | 28,246 |  |  |  | 28,246 |  |  |  | 2,259 |  |  |  | 79.99 |  |  |  | 14.7 | %
| 2027 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 2028 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| 2029 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | %
| Thereafter |  |  | 523 |  |  |  | 523 |  |  |  | 20 |  |  |  | 30.00 |  |  |  | 0.1 | %

(1) | Represents lease expirations of 1899 Pennsylvania Avenue, which is classified as discontinued operations.

(2) | See page 47 for our definition of this measure.

(3) | Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

(4) | Represents office and retail space only.

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|  | CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

|  |  | Three Months Ended September 30, 2020 |
|  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Capital Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets |  | $ | 5,139 |  |  | $ | 3,347 |  |  | $ | 1,768 |  |  | $ | 24 |
Second generation tenant improvements |  |  | 5,265 |  |  |  | 603 |  |  |  | 4,662 |  |  |  | - |
Second generation leasing commissions |  |  | 1,325 |  |  |  | 815 |  |  |  | 510 |  |  |  | - |
First generation leasing costs and capital expenditures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Capital Expenditures |  | $ | 11,729 |  |  | $ | 4,765 |  |  | $ | 6,940 |  |  | $ | 24 |
Redevelopment Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Market Plaza |  | $ | 1,229 |  |  | $ | - |  |  | $ | 1,229 |  |  | $ | - |
Other |  |  | 1,415 |  |  |  | 1,151 |  |  |  | 264 |  |  |  | - |
Total Redevelopment Expenditures |  | $ | 2,644 |  |  | $ | 1,151 |  |  | $ | 1,493 |  |  | $ | - |

|  |  | Three Months Ended September 30, 2019 |
|  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Capital Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets |  | $ | 4,680 |  |  | $ | 2,721 |  |  | $ | 1,369 |  |  | $ | 590 |
Second generation tenant improvements |  |  | 3,119 |  |  |  | 2,694 |  |  |  | 116 |  |  |  | 309 |
Second generation leasing commissions |  |  | 7,916 |  |  |  | 1,342 |  |  |  | 6,329 |  |  |  | 245 |
First generation leasing costs and capital expenditures |  |  | 2,664 |  |  |  | - |  |  |  | 2,664 |  |  |  | - |
Total Capital Expenditures |  | $ | 18,379 |  |  | $ | 6,757 |  |  | $ | 10,478 |  |  | $ | 1,144 |
Redevelopment Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1325 Avenue of the Americas (Lobby Renovation and Elevator Modernization) |  | $ | 3,166 |  |  | $ | 3,166 |  |  | $ | - |  |  | $ | - |
300 Mission Street (Lobby Renovation) |  |  | 2,508 |  |  |  | - |  |  |  | 2,508 |  |  |  | - |
31 West 52nd Street (Lobby Renovation) |  |  | 435 |  |  |  | 435 |  |  |  | - |  |  |  | - |
Other |  |  | 2,368 |  |  |  | 2,007 |  |  |  | 361 |  |  |  | - |
Total Redevelopment Expenditures |  | $ | 8,477 |  |  | $ | 5,608 |  |  | $ | 2,869 |  |  | $ | - |

(1) | See page 47 for our definition of this measure.

- 45 -

|  | CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

|  |  | Nine Months Ended September 30, 2020 |
|  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Capital Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets |  | $ | 13,709 |  |  | $ | 9,143 |  |  | $ | 4,316 |  |  | $ | 250 |
Second generation tenant improvements |  |  | 32,272 |  |  |  | 20,678 |  |  |  | 11,594 |  |  |  | - |
Second generation leasing commissions |  |  | 9,013 |  |  |  | 3,009 |  |  |  | 6,004 |  |  |  | - |
First generation leasing costs and capital expenditures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Capital Expenditures |  | $ | 54,994 |  |  | $ | 32,830 |  |  | $ | 21,914 |  |  | $ | 250 |
Redevelopment Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Market Plaza |  | $ | 4,576 |  |  | $ | - |  |  | $ | 4,576 |  |  | $ | - |
Other |  |  | 7,609 |  |  |  | 4,846 |  |  |  | 2,763 |  |  |  | - |
Total Redevelopment Expenditures |  | $ | 12,185 |  |  | $ | 4,846 |  |  | $ | 7,339 |  |  | $ | - |

|  |  | Nine Months Ended September 30, 2019 |
|  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Capital Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets |  | $ | 15,170 |  |  | $ | 8,706 |  |  | $ | 5,532 |  |  | $ | 932 |
Second generation tenant improvements |  |  | 26,031 |  |  |  | 20,214 |  |  |  | 5,128 |  |  |  | 689 |
Second generation leasing commissions |  |  | 14,890 |  |  |  | 5,543 |  |  |  | 8,790 |  |  |  | 557 |
First generation leasing costs and capital expenditures |  |  | 4,317 |  |  |  | - |  |  |  | 4,317 |  |  |  | - |
Total Capital Expenditures |  | $ | 60,408 |  |  | $ | 34,463 |  |  | $ | 23,767 |  |  | $ | 2,178 |
Redevelopment Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1325 Avenue of the Americas (Lobby Renovation and Elevator Modernization) |  | $ | 8,250 |  |  | $ | 8,250 |  |  | $ | - |  |  | $ | - |
300 Mission Street (Lobby Renovation) |  |  | 6,720 |  |  |  | - |  |  |  | 6,720 |  |  |  | - |
31 West 52nd Street (Lobby Renovation) |  |  | 3,921 |  |  |  | 3,921 |  |  |  | - |  |  |  | - |
Other |  |  | 4,444 |  |  |  | 3,645 |  |  |  | 799 |  |  |  | - |
Total Redevelopment Expenditures |  | $ | 23,335 |  |  | $ | 15,816 |  |  | $ | 7,519 |  |  | $ | - |

(1) | See page 47 for our definition of this measure.

- 46 -

|  | DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.

Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate funds and Operating Partnership.

Core Funds from Operations (“Core FFO”) is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate funds and Operating Partnership.

Funds Available for Distribution (“FAD”) is a supplemental measure of our operating performance and is calculated as Core FFO adjusted for (i) capital expenditures to maintain assets, (ii) tenant improvements and leasing commissions incurred for second generation leases, (iii) straight-line rent adjustments, (iv) amortization of above and below-market leases, (v) amortization of stock-based compensation expense and (vi) amortization of deferred financing costs. FAD is commonly used in the real estate industry along with cash flow from operating activities as a measure of the ability to generate cash from operations and the ability to fund cash needs and make distributions to our stockholders. FAD provides information regarding our operating performance that would not otherwise be available and is useful to investors and analysts in assessing our operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments for the changes in working capital, we believe that FAD may provide investors and analysts with useful supplemental information regarding our ability to generate cash from operations and our ability to make distributions to our stockholders. Furthermore, we believe that FAD is frequently used by investors and analysts in evaluating our performance as a REIT. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate funds and Operating Partnership.

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

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|  | DEFINITIONS - CONTINUED

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

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

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

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

Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12.

Leased % represents percentage of square feet that is leased, including signed leases not yet commenced.

Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods and not classified as discontinued operations.

Occupied % represents the percentage of space for which we have commenced rental revenue in accordance with GAAP.

Initial Rent represents the weighted average cash basis starting rent per square foot and does not include free rent or periodic step-ups in rent.

Prior Escalated Rent represents the weighted average cash basis rent (including reimbursements) per square foot at expiration.

Second Generation Space represents space leased that has been vacant for less than twelve months.

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

- 48 -