EX-99.2 3 pgre-ex99_2.htm EX-99.2

Exhibit 99.2

|  | FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of tariffs, geopolitical tensions and elevated inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. 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
| Overview |
|  | Company Profile | 4
|  | Common Share Data | 5
|  | Guidance & Assumptions | 6
| Selected Financial Information |
|  | Financial Highlights | 7
|  | Consolidated Balance Sheets | 8
|  | Consolidated Statements of Income | 9
|  | Select Income Statement Data | 10
|  | Funds From Operations (“FFO”) | 11
|  | Funds Available for Distribution (“FAD”) | 12
|  | Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) | 13
|  | Net Operating Income (“NOI”) | 14 - 15
|  | Same Store NOI (by Reportable Segment) | 16 - 17
| Joint Ventures |
|  | Consolidated Joint Ventures | 18 - 21
|  | Unconsolidated Joint Ventures | 22 - 25
| Debt and Capitalization Data |
|  | Capital Structure | 26
|  | Debt Analysis | 27
|  | Debt Maturities | 28
| Selected Property Data |
|  | Portfolio Summary | 29 - 31
|  | Top Tenants and Industry Diversification | 32
|  | Leasing Activity | 33
|  | Lease Expirations | 34 - 36
|  | Capital Expenditures (Cash Basis) | 37
| Research Coverage | 38
| Definitions | 39 - 40

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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.

MANAGEMENT

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

BOARD OF DIRECTORS

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

COMPANY INFORMATION

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

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|  | COMMON SHARE DATA

(unaudited)

|  |  |  | Three Months Ended |
| Share Price: | March 31, 2025 |  |  | December 31, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |
|  | High | $ | 5.09 |  |  | $ | 5.44 |  |  | $ | 5.47 |  |  | $ | 5.10 |  |  | $ | 5.36 |
|  | Low | $ | 3.96 |  |  | $ | 4.59 |  |  | $ | 4.49 |  |  | $ | 4.30 |  |  | $ | 4.21 |
|  | Closing (end of period) | $ | 4.30 |  |  | $ | 4.94 |  |  | $ | 4.92 |  |  | $ | 4.63 |  |  | $ | 4.69 |
| Dividends declared per common share (1) | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.035 |  |  | $ | 0.035 |
| Annualized dividends per common share | N/A |  |  | N/A |  |  | N/A |  |  | $ | 0.14 |  |  | $ | 0.14 |
| Dividend yield (on closing share price) | N/A |  |  | N/A |  |  | N/A |  |  |  | 3.0 | % |  |  | 3.0 | %

(1)
In September 2024, we suspended our regular quarterly dividend. The decision by our board of directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain financial flexibility. The timing and frequency of future dividends will be authorized by our board of directors, in its sole discretion, depending on a variety of factors, including our financial performance, our debt service requirements, our capital expenditure requirements, the requirements to maintain our qualification as a REIT and other factors that our board of directors may deem relevant from time to time.

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|  | GUIDANCE

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

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change at the |
|  |  |  |  |  |  |  |  |  |  | Full Year 2025 |  |  | Midpoint of |
(Amounts per diluted share) |  | Low |  |  | High |  |  | Prior Guidance |
|  |  |  | Estimated net loss attributable to common stockholders |  | $ | (0.36 | ) |  | $ | (0.30 | ) |  |  |
|  |  |  | Our share of real estate depreciation and amortization |  |  | 0.87 |  |  |  | 0.87 |  |  |  |
|  |  |  | Estimated FFO / Core FFO (1)(2) |  |  | 0.51 |  |  |  | 0.57 |  |  | $ | - |
|  | Operating Assumptions: |  |  |  |  |  |  |  |  |
|  |  | Leasing Activity (square feet) |  |  | 900,000 |  |  |  | 1,100,000 |  |  |  | 100,000 |
|  |  | PGRE's share of Same Store Leased % (1) at year end |  |  | 84.4 | % |  |  | 86.4 | % |  |  | 0.5 | %
|  |  | Decrease in PGRE's share of Same Store Cash NOI (1) |  |  | (7.0 | %) |  |  | (11.0 | %) |  |  | - | %
|  |  | Decrease in PGRE's share of Same Store NOI (1) |  |  | (9.0 | %) |  |  | (13.0 | %) |  |  | - | %
|  | Financial Assumptions (at share): |  |  |  |  |  |  |  |  |
|  |  | Estimated net loss |  | $ | (85,000 | ) |  | $ | (70,000 | ) |  | $ | - |
|  |  |  | Depreciation and amortization |  | 205,000 |  |  |  | 205,000 |  |  |  | - |
|  |  |  | General and administrative expenses |  | 67,000 |  |  |  | 64,000 |  |  |  | 1,500 |
|  |  |  | Interest and debt expense, including amortization of deferred financing costs |  | 145,000 |  |  |  | 142,000 |  |  |  | (1,500 | )
|  |  |  | Fee and other income, net of income taxes |  | (28,000 | ) |  |  | (30,000 | ) |  |  | - |
|  |  | NOI (1) |  |  | 304,000 |  |  |  | 311,000 |  |  |  | - |
|  |  |  | Straight-line rent adjustments and above and below-market lease revenue, net |  | (8,000 | ) |  |  | (10,000 | ) |  |  | - |
|  |  | Cash NOI (1) |  | $ | 296,000 |  |  | $ | 301,000 |  |  | $ | - |

(1)
See page 39 for our definition of this measure.
(2)
We are providing our Estimated Core FFO Guidance for the full year of 2025, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”). Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on April 30, 2025 and otherwise to be referenced during our conference call scheduled for May 1, 2025. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

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|  | FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

|  |  |  | Three Months Ended |
SELECTED FINANCIAL DATA |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
| Net (loss) income per share - basic and diluted | $ | (0.05 | ) |  | $ | 0.05 |  |  | $ | (0.18 | )
| Core FFO (1) per share - diluted | $ | 0.17 |  |  | $ | 0.22 |  |  | $ | 0.19 |
| PGRE's share of Adjusted EBITDAre (1) | $ | 77,907 |  |  | $ | 86,921 |  |  | $ | 81,722 |
| PGRE's share of Cash NOI (1) | $ | 83,677 |  |  | $ | 88,977 |  |  | $ | 86,139 |
| PGRE's share of NOI (1) | $ | 86,788 |  |  | $ | 93,583 |  |  | $ | 90,176 |

Same Store % Change |  | Same Store Cash NOI (1) |  | Same Store NOI (1) |
Three Months Ended March 31, 2025 vs. 2024 | (4.1%) |  | (5.4%) |

PORTFOLIO STATISTICS (at PGRE’s Share)

|  |  |  |  |  |  |  | % Change
|  |  |  |  |  |  |  | March 31, 2025 |  | March 31, 2025
|  |  |  |  |  |  |  | vs. |  | vs.
Same Store Leased % (1) |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  | December 31, 2024 |  | March 31, 2024
New York |  | 87.4% |  | 85.0% |  | 90.1% |  | 2.4% |  | (2.7%)
San Francisco |  | 82.3% |  | 83.8% |  | 85.5% |  | (1.5%) |  | (3.2%)
Weighted Average |  | 86.2% |  | 84.8% |  | 89.1% |  | 1.4% |  | (2.9%)

(1)
See page 39 for our definition of this measure.

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|  | CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  |  |  | March 31, 2025 |  |  | December 31, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, at cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Land | $ | 1,966,237 |  |  | $ | 1,966,237 |  |  | $ | 1,966,237 |  |  | $ | 1,966,237 |  |  | $ | 1,966,237 |
|  | Buildings and improvements |  | 6,348,260 |  |  |  | 6,325,097 |  |  |  | 6,290,976 |  |  |  | 6,276,347 |  |  |  | 6,278,863 |
|  |  |  |  |  |  |  |  | 8,314,497 |  |  |  | 8,291,334 |  |  |  | 8,257,213 |  |  |  | 8,242,584 |  |  |  | 8,245,100 |
|  | Accumulated depreciation and amortization |  | (1,675,242 | ) |  |  | (1,639,529 | ) |  |  | (1,596,069 | ) |  |  | (1,550,341 | ) |  |  | (1,524,078 | )
| Real estate, net |  | 6,639,255 |  |  |  | 6,651,805 |  |  |  | 6,661,144 |  |  |  | 6,692,243 |  |  |  | 6,721,022 |
| Cash and cash equivalents |  | 426,952 |  |  |  | 375,056 |  |  |  | 318,725 |  |  |  | 307,461 |  |  |  | 276,235 |
| Restricted cash |  | 187,055 |  |  |  | 180,391 |  |  |  | 173,510 |  |  |  | 164,639 |  |  |  | 171,776 |
| Accounts and other receivables |  | 20,496 |  |  |  | 18,229 |  |  |  | 18,662 |  |  |  | 13,917 |  |  |  | 16,048 |
| Investments in unconsolidated real estate related funds |  | 4,678 |  |  |  | 4,649 |  |  |  | 4,607 |  |  |  | 4,536 |  |  |  | 4,603 |
| Investments in unconsolidated joint ventures |  | 81,142 |  |  |  | 85,952 |  |  |  | 128,919 |  |  |  | 130,087 |  |  |  | 132,788 |
| Deferred rent receivable |  | 355,581 |  |  |  | 356,425 |  |  |  | 355,555 |  |  |  | 353,769 |  |  |  | 353,826 |
| Deferred charges, net |  | 106,306 |  |  |  | 100,684 |  |  |  | 103,858 |  |  |  | 105,812 |  |  |  | 107,407 |
| Intangible assets, net |  | 46,983 |  |  |  | 50,492 |  |  |  | 54,125 |  |  |  | 57,612 |  |  |  | 62,609 |
| Other assets |  | 79,030 |  |  |  | 47,820 |  |  |  | 71,847 |  |  |  | 71,788 |  |  |  | 83,411 |
Total assets | $ | 7,947,478 |  |  | $ | 7,871,503 |  |  | $ | 7,890,952 |  |  | $ | 7,901,864 |  |  | $ | 7,929,725 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 3,678,893 |  |  | $ | 3,676,630 |  |  | $ | 3,674,367 |  |  | $ | 3,672,103 |  |  | $ | 3,669,850 |
| Revolving credit facility |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| Accounts payable and accrued expenses |  | 114,074 |  |  |  | 119,881 |  |  |  | 114,808 |  |  |  | 110,789 |  |  |  | 115,038 |
| Dividends and distributions payable |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,382 |  |  |  | 8,376 |
| Intangible liabilities, net |  | 19,301 |  |  |  | 20,870 |  |  |  | 22,465 |  |  |  | 24,125 |  |  |  | 26,026 |
| Other liabilities |  | 34,279 |  |  |  | 44,625 |  |  |  | 27,906 |  |  |  | 30,802 |  |  |  | 31,774 |
Total liabilities |  | 3,846,547 |  |  |  | 3,862,006 |  |  |  | 3,839,546 |  |  |  | 3,846,201 |  |  |  | 3,851,064 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  | 3,087,151 |  |  |  | 3,141,277 |  |  |  | 3,173,867 |  |  |  | 3,181,913 |  |  |  | 3,199,050 |
| Noncontrolling interests in: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Consolidated joint ventures |  | 664,249 |  |  |  | 495,340 |  |  |  | 492,135 |  |  |  | 485,983 |  |  |  | 480,542 |
|  | Consolidated real estate related funds |  | 84,644 |  |  |  | 82,875 |  |  |  | 92,759 |  |  |  | 93,340 |  |  |  | 103,886 |
|  | Operating Partnership |  | 264,887 |  |  |  | 290,005 |  |  |  | 292,645 |  |  |  | 294,427 |  |  |  | 295,183 |
Total equity |  | 4,100,931 |  |  |  | 4,009,497 |  |  |  | 4,051,406 |  |  |  | 4,055,663 |  |  |  | 4,078,661 |
Total liabilities and equity | $ | 7,947,478 |  |  | $ | 7,871,503 |  |  | $ | 7,890,952 |  |  | $ | 7,901,864 |  |  | $ | 7,929,725 |

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|  | CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

|  |  |  |  |  | Three Months Ended |
|  |  |  |  |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Revenues: |  |  |  |  |  |  |  |
| Rental revenue (1) | $ | 179,021 |  |  | $ | 179,723 |  |  | $ | 178,114 |
| Fee and other income (1) |  | 7,998 |  |  |  | 9,154 |  |  |  | 8,153 |
Total revenues |  | 187,019 |  |  |  | 188,877 |  |  |  | 186,267 |
Expenses: |  |  |  |  |  |  |  |
| Operating |  | 78,050 |  |  |  | 71,740 |  |  |  | 77,030 |
| Depreciation and amortization |  | 58,879 |  |  |  | 61,114 |  |  |  | 56,622 |
| General and administrative |  | 17,461 |  |  |  | 16,634 |  |  |  | 16,395 |
| Transaction related costs |  | 150 |  |  |  | 178 |  |  |  | 80 |
Total expenses |  | 154,540 |  |  |  | 149,666 |  |  |  | 150,127 |
Other income (expense): |  |  |  |  |  |  |  |
| Loss from real estate related fund investments |  | (26 | ) |  |  | (43 | ) |  |  | (36 | )
| Income from unconsolidated real estate related funds |  | 74 |  |  |  | 105 |  |  |  | 74 |
| Income (loss) from unconsolidated joint ventures (1) |  | 1,907 |  |  |  | (1,346 | ) |  |  | (44,261 | )
| Interest and other income, net |  | 3,815 |  |  |  | 19,420 |  | (2) |  | 3,625 |
| Interest and debt expense |  | (43,200 | ) |  |  | (40,269 | ) |  |  | (42,874 | )
(Loss) income before income taxes |  | (4,951 | ) |  |  | 17,078 |  |  |  | (47,332 | )
| Income tax expense |  | (366 | ) |  |  | (347 | ) |  |  | (730 | )
Net (loss) income |  | (5,317 | ) |  |  | 16,731 |  |  |  | (48,062 | )
Less net (income) loss attributable to noncontrolling interests in: |  |  |  |  |  |  |  |
| Consolidated joint ventures |  | (3,845 | ) |  |  | (5,206 | ) |  |  | (4,028 | )
| Consolidated real estate related funds |  | (1,769 | ) |  |  | (762 | ) |  |  | 9,884 |
| Operating Partnership |  | 905 |  |  |  | (898 | ) |  |  | 3,560 |
Net (loss) income attributable to common stockholders | $ | (10,026 | ) |  | $ | 9,865 |  |  | $ | (38,646 | )
| Per diluted share | $ | (0.05 | ) |  | $ | 0.05 |  |  | $ | (0.18 | )

(1)
See page 10 for details.
(2)
Includes a $15,437 non-cash gain on extinguishment of an IPO related tax liability.

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|  | SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

|  | Three Months Ended |  |
Rental Revenue: | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |  |
| Property rentals | $ | 159,204 |  |  | $ | 157,595 |  |  | $ | 153,012 |  |
| Tenant reimbursements |  | 17,668 |  |  |  | 16,990 |  |  |  | 21,217 |  |
| Straight-line rent adjustments |  | (472 | ) |  |  | 2,854 |  |  |  | 1,243 |  |
| Amortization of above and below-market leases, net |  | 1,453 |  |  |  | 1,340 |  |  |  | 1,474 |  |
| Lease termination income |  | 1,168 |  |  |  | 944 |  |  |  | 1,168 |  |
Total rental revenue | $ | 179,021 |  |  | $ | 179,723 |  |  | $ | 178,114 |  |

|  | Three Months Ended |  |
Fee and Other Income: | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |  |
| Asset management | $ | 1,869 |  |  | $ | 2,305 |  |  | $ | 2,084 |  |
| Property management |  | 1,513 |  |  |  | 1,744 |  |  |  | 1,564 |  |
| Acquisition, disposition, leasing and other |  | 1,643 |  |  |  | 2,199 |  |  |  | 904 |  |
| Total fee income |  | 5,025 |  |  |  | 6,248 |  |  |  | 4,552 |  |
| Other (primarily parking income and tenant requested services, including cleaning and overtime heating and cooling) |  | 2,973 |  |  |  | 2,906 |  |  |  | 3,601 |  |
Total fee and other income | $ | 7,998 |  |  | $ | 9,154 |  |  | $ | 8,153 |  |

|  | Three Months Ended |  |
Income (Loss) from Unconsolidated Joint Ventures: | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |  |
| Equity in earnings | $ | 1,907 |  |  | $ | (1,346 | ) |  | $ | 800 |  |
| Our share of real estate impairment losses: |  |  |  |  |  |  |  |  |
| 55 Second Street |  | - |  |  |  | - |  |  |  | (29,818 | ) |
| Oder-Center |  | - |  |  |  | - |  |  |  | (3,915 | ) |
| RDF's share of impairment losses related to residential condominium units at One Steuart Lane |  | - |  |  |  | - |  |  |  | (11,328 | ) | (1)
Income (loss) from unconsolidated joint ventures | $ | 1,907 |  |  | $ | (1,346 | ) |  | $ | (44,261 | ) |

(1)
Represents RDF’s 35% share in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%. Accordingly, our share, net of amounts attributable to noncontrolling interests, was $838 in the three months ended December 31, 2024.

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|  | FFO

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

|  |  |  |  | Three Months Ended |
|  |  |  |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Reconciliation of net (loss) income to FFO and Core FFO: |  |  |  |  |  |  |  |  |
| Net (loss) income |  | $ | (5,317 | ) |  | $ | 16,731 |  |  | $ | (48,062 | )
| Real estate depreciation and amortization (including our share of unconsolidated joint ventures) |  |  | 61,902 |  |  |  | 64,424 |  |  |  | 58,040 |
| Our share of non-cash real estate impairment losses related to unconsolidated joint ventures |  |  | - |  |  |  | - |  |  |  | 33,733 |
| Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds |  |  | (16,377 | ) |  |  | (15,885 | ) |  |  | (4,104 | )
| FFO attributable to the Operating Partnership |  |  | 40,208 |  |  |  | 65,270 |  |  |  | 39,607 |
| Amounts attributable to noncontrolling interests in the Operating Partnership |  |  | (3,328 | ) |  |  | (5,449 | ) |  |  | (3,340 | )
| FFO attributable to common stockholders (1) |  | $ | 36,880 |  |  | $ | 59,821 |  |  | $ | 36,267 |
| Per diluted share |  | $ | 0.17 |  |  | $ | 0.28 |  |  | $ | 0.17 |
| FFO attributable to the Operating Partnership |  | $ | 40,208 |  |  | $ | 65,270 |  |  | $ | 39,607 |
| Adjustments for non-core items: |  |  |  |  |  |  |  |  |
|  | Non-cash gain on extinguishment of IPO related tax liability |  | - |  |  |  | (15,437 | ) |  |  | - |
|  | Write-off of deferred financing costs |  |  | 1,289 |  |  |  | - |  |  |  | - |
|  | Other, net (primarily adjustments related to unconsolidated joint ventures) |  |  | (187 | ) |  |  | 2,471 |  |  |  | 5,406 |
| Core FFO attributable to the Operating Partnership |  |  | 41,310 |  |  |  | 52,304 |  |  |  | 45,013 |
| Amounts attributable to noncontrolling interests in the Operating Partnership |  | (3,419 | ) |  |  | (4,366 | ) |  |  | (3,796 | )
| Core FFO attributable to common stockholders (1) |  | $ | 37,891 |  |  | $ | 47,938 |  |  | $ | 41,217 |
| Per diluted share |  | $ | 0.17 |  |  | $ | 0.22 |  |  | $ | 0.19 |
Reconciliation of weighted average shares outstanding: |  |  |  |  |  |  |  |  |
| Weighted average shares outstanding |  |  | 218,005,447 |  |  |  | 217,105,686 |  |  |  | 217,335,362 |
| Effect of dilutive securities |  |  | 68,946 |  |  |  | 80,723 |  |  |  | 70,797 |
| Denominator for FFO and Core FFO per diluted share |  |  | 218,074,393 |  |  |  | 217,186,409 |  |  |  | 217,406,159 |

(1)
See page 39 for our definition of this measure.

- 11 -

|  | FAD

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |  |
|  |  |  |  |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |  |
Reconciliation of Core FFO to FAD: |  |  |  |  |  |  |  |  |
| Core FFO attributable to the Operating Partnership | $ | 41,310 |  |  | $ | 52,304 |  |  | $ | 45,013 |  |
| Adjustments to arrive at FAD (including our share of unconsolidated joint ventures): |  |  |  |  |  |  |  |  |
|  | Straight-line rent |  | 707 |  |  |  | (3,387 | ) |  |  | (1,388 | ) |
|  | Amortization of above and below-market leases, net |  | (1,554 | ) |  |  | (1,658 | ) |  |  | (1,142 | ) |
|  | Amortization of deferred financing costs |  | 2,427 |  |  |  | 2,443 |  |  |  | 2,707 |  |
|  | Amortization of stock-based compensation expense |  | 3,752 |  |  |  | 6,194 |  |  |  | 4,502 |  |
|  | Expenditures to maintain assets |  | (12,047 | ) |  |  | (10,944 | ) |  |  | (15,498 | ) |
|  | Second generation tenant improvements and leasing commissions |  | (35,957 | ) |  |  | (25,370 | ) |  |  | (14,785 | ) |
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds |  | 2,006 |  |  |  | 4,311 |  |  |  | (311 | ) |
| FAD attributable to the Operating Partnership |  | 644 |  |  |  | 23,893 |  |  |  | 19,098 |  |
| Amounts attributable to noncontrolling interests in the Operating Partnership |  | (53 | ) |  |  | (1,995 | ) |  |  | (1,611 | ) |
| FAD attributable to common stockholders (1) (2) | $ | 591 |  |  | $ | 21,898 |  |  | $ | 17,487 |  |
| Dividends paid on common stock (3) | $ | - |  |  | $ | 7,608 |  |  | $ | - |  |

(1)
See page 39 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.
(3)
In September 2024, we suspended our regular quarterly dividend. The decision by our board of directors to suspend our regular quarterly dividend aligns with our commitment to fortify our balance sheet and maintain financial flexibility. The timing and frequency of future dividends will be authorized by our board of directors, in its sole discretion, depending on a variety of factors, including our financial performance, our debt service requirements, our capital expenditure requirements, the requirements to maintain our qualification as a REIT and other factors that our board of directors may deem relevant from time to time.

- 12 -

|  | EBITDAre

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |
|  |  |  |  |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Reconciliation of net (loss) income to EBITDAre and Adjusted EBITDAre: |  |  |  |  |  |  |  |
| Net (loss) income | $ | (5,317 | ) |  | $ | 16,731 |  |  | $ | (48,062 | )
| Adjustments to arrive at EBITDAre (including our share of unconsolidated joint ventures): |  |  |  |  |  |  |  |
|  | Depreciation and amortization |  | 61,902 |  |  |  | 64,424 |  |  |  | 58,040 |
|  | Interest and debt expense |  | 45,440 |  |  |  | 42,787 |  |  |  | 43,994 |
|  | Our share of non-cash real estate impairment losses related to unconsolidated joint ventures |  | - |  |  |  | - |  |  |  | 33,733 |
|  | Income tax expense |  | 374 |  |  |  | 351 |  |  |  | 730 |
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures and real estate related funds |  | (24,260 | ) |  |  | (23,938 | ) |  |  | (12,085 | )
| PGRE's share of EBITDAre (1) | $ | 78,139 |  |  | $ | 100,355 |  |  | $ | 76,350 |
| Adjustments to arrive at Adjusted EBITDAre: |
|  | Non-cash gain on extinguishment of IPO related tax liability |  | - |  |  |  | (15,437 | ) |  |  | - |
|  | Other, net (primarily adjustments related to unconsolidated joint ventures) |  | (232 | ) |  |  | 2,003 |  |  |  | 5,372 |
| PGRE's share of Adjusted EBITDAre (1) | $ | 77,907 |  |  | $ | 86,921 |  |  | $ | 81,722 |

(1)
See page 39 for our definition of this measure.

- 13 -

|  | NOI

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended |
|  |  |  |  |  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Reconciliation of net (loss) income to NOI and Cash NOI: |  |  |  |  |  |  |
| Net (loss) income | $ | (5,317 | ) |  | $ | 16,731 |  |  | $ | (48,062 | )
| Adjustments to arrive at NOI: |
|  | Fee income |  | (5,025 | ) |  |  | (6,248 | ) |  |  | (4,552 | )
|  | Depreciation and amortization |  | 58,879 |  |  |  | 61,114 |  |  |  | 56,622 |
|  | General and administrative |  | 17,461 |  |  |  | 16,634 |  |  |  | 16,395 |
|  | (Income) loss from unconsolidated joint ventures |  | (1,907 | ) |  |  | 1,346 |  |  |  | 44,261 |
|  | NOI from unconsolidated joint ventures (excluding One Steuart Lane) |  | 4,927 |  |  |  | 5,602 |  |  |  | 7,055 |
|  | Interest and other income, net |  | (3,815 | ) |  |  | (19,420 | ) |  |  | (3,625 | )
|  | Interest and debt expense |  | 43,200 |  |  |  | 40,269 |  |  |  | 42,874 |
|  | Income tax expense |  | 366 |  |  |  | 347 |  |  |  | 730 |
|  | Other, net |  | 102 |  |  |  | 116 |  |  |  | 42 |
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (22,083 | ) |  |  | (22,908 | ) |  |  | (21,564 | )
| PGRE's share of NOI (1) | $ | 86,788 |  |  | $ | 93,583 |  |  | $ | 90,176 |
| Adjustments to arrive at Cash NOI: |  |  |  |  |  |  |  |
|  | Straight-line rent (including our share of unconsolidated joint ventures) |  | 707 |  |  |  | (3,387 | ) |  |  | (1,388 | )
|  | Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) |  | (1,554 | ) |  |  | (1,658 | ) |  |  | (1,142 | )
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (2,264 | ) |  |  | 439 |  |  |  | (1,507 | )
| PGRE's share of Cash NOI (1) | $ | 83,677 |  |  | $ | 88,977 |  |  | $ | 86,139 |

(1)
See page 39 for our definition of this measure.

- 14 -

|  | NOI

(unaudited and in thousands)

|  |  |  |  |  | Three Months Ended March 31, 2025 |
|  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
Reconciliation of net (loss) income to NOI and Cash NOI: |  |  |  |  |  |  |  |  |  |
| Net (loss) income | $ | (5,317 | ) |  | $ | (10,214 | ) |  | $ | 17,905 |  |  | $ | (13,008 | )
| Adjustments to arrive at NOI: |  |  |  |  |  |  |  |  |  |
|  | Fee income |  | (5,025 | ) |  |  | - |  |  |  | - |  |  |  | (5,025 | )
|  | Depreciation and amortization |  | 58,879 |  |  |  | 39,814 |  |  |  | 17,962 |  |  |  | 1,103 |
|  | General and administrative |  | 17,461 |  |  |  | - |  |  |  | - |  |  |  | 17,461 |
|  | Income from unconsolidated joint ventures |  | (1,907 | ) |  |  | (59 | ) |  |  | - |  |  |  | (1,848 | )
|  | NOI from unconsolidated joint ventures (excluding One Steuart Lane) |  | 4,927 |  |  |  | 3,158 |  |  |  | 1,710 |  |  |  | 59 |
|  | Interest and other income, net |  | (3,815 | ) |  |  | (730 | ) |  |  | (557 | ) |  |  | (2,528 | )
|  | Interest and debt expense |  | 43,200 |  |  |  | 29,925 |  |  |  | 11,633 |  |  |  | 1,642 |
|  | Income tax expense |  | 366 |  |  |  | 5 |  |  |  | 6 |  |  |  | 355 |
|  | Other, net |  | 102 |  |  |  | - |  |  |  | - |  |  |  | 102 |
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (22,083 | ) |  |  | (3,246 | ) |  |  | (18,837 | ) |  |  | - |
| PGRE's share of NOI (1) for the three months ended March 31, 2025 | $ | 86,788 |  |  | $ | 58,653 |  |  | $ | 29,822 |  |  | $ | (1,687 | )
| PGRE's share of NOI (1) for the three months ended March 31, 2024 | $ | 93,583 |  |  | $ | 68,369 |  |  | $ | 26,240 |  |  | $ | (1,026 | )
| PGRE's share of NOI for the three months ended March 31, 2025 | $ | 86,788 |  |  | $ | 58,653 |  |  | $ | 29,822 |  |  | $ | (1,687 | )
| Adjustments to arrive at Cash NOI: |  |  |  |  |  |  |  |  |  |  |
|  | Straight-line rent (including our share of unconsolidated joint ventures) |  | 707 |  |  |  | (3,661 | ) |  |  | 4,261 |  |  |  | 107 |
|  | Amortization of above and below-market leases, net (including our share of unconsolidated joint ventures) |  | (1,554 | ) |  |  | (747 | ) |  |  | (807 | ) |  |  | - |
|  | Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (2,264 | ) |  |  | (355 | ) |  |  | (1,909 | ) |  |  | - |
| PGRE's share of Cash NOI (1) for the three months ended March 31, 2025 | $ | 83,677 |  |  | $ | 53,890 |  |  | $ | 31,367 |  |  | $ | (1,580 | )
| PGRE's share of Cash NOI (1) for the three months ended March 31, 2024 | $ | 88,977 |  |  | $ | 63,733 |  |  | $ | 26,164 |  |  | $ | (920 | )

(1)
See page 39 for our definition of this measure.

- 15 -

|  | SAME STORE CASH NOI

(unaudited and in thousands)

SAME STORE CASH NOI (1) | Three Months Ended March 31, 2025 |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
| PGRE's share of Cash NOI for the three months ended March 31, 2025 | $ | 83,677 |  |  | $ | 53,890 |  |  | $ | 31,367 |  |  | $ | (1,580 | )
|  | Non-same store adjustments: |  |  |  |  |  |  |  |  |  |  |
|  | Lease termination income |  | (1,168 | ) |  |  | (1,168 | ) |  |  | - |  |  |  | - |
|  | Other, net |  | 1,612 |  |  |  | 32 |  |  |  | - |  |  |  | 1,580 |
| PGRE's share of Same Store Cash NOI for the three months ended |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 | $ | 84,121 |  |  | $ | 52,754 |  |  | $ | 31,367 |  |  | $ | - |
|  |  |  |  |  |  | Three Months Ended March 31, 2024 |
|  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
| PGRE's share of Cash NOI for the three months ended March 31, 2024 | $ | 88,977 |  |  | $ | 63,733 |  |  | $ | 26,164 |  |  | $ | (920 | )
|  | Non-same store adjustments: |  |  |  |  |  |  |  |  |  |  |
|  | Dispositions |  | (1,515 | ) |  |  | (1,515 | ) | (2) |  | - |  |  |  | - |
|  | Lease termination income |  | (944 | ) |  |  | (944 | ) |  |  | - |  |  |  | - |
|  | Other, net |  | 1,198 |  |  |  | 278 |  |  |  | - |  |  |  | 920 |
| PGRE's share of Same Store Cash NOI for the three months ended |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2024 | $ | 87,716 |  |  | $ | 61,552 |  |  | $ | 26,164 |  |  | $ | - |

% (Decrease) increase |  | (4.1 | %) |  |  | (14.3 | %) |  |  | 19.9 | % |  |

(1)
See page 39 for our definition of this measure.
(2)
Represents an adjustment to prior period’s Cash NOI to account for the 45.0% sale of 900 Third Avenue.

- 16 -

|  | SAME STORE NOI

(unaudited and in thousands)

SAME STORE NOI (1) | Three Months Ended March 31, 2025 |
|  |  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
| PGRE's share of NOI for the three months ended March 31, 2025 | $ | 86,788 |  |  | $ | 58,653 |  |  | $ | 29,822 |  |  | $ | (1,687 | )
|  | Non-same store adjustments: |  |  |  |  |  |  |  |  |  |  |  |
|  | Lease termination income |  | (1,168 | ) |  |  | (1,168 | ) |  |  | - |  |  |  | - |
|  | Other, net |  | 1,719 |  |  |  | 32 |  |  |  | - |  |  |  | 1,687 |
| PGRE's share of Same Store NOI for the three months ended |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 | $ | 87,339 |  |  | $ | 57,517 |  |  | $ | 29,822 |  |  | $ | - |
|  |  |  |  |  |  |  | Three Months Ended March 31, 2024 |
|  |  |  |  |  |  |  | Total |  |  | New York |  |  | San Francisco |  |  | Other |
| PGRE's share of NOI for the three months ended March 31, 2024 | $ | 93,583 |  |  | $ | 68,369 |  |  | $ | 26,240 |  |  | $ | (1,026 | )
|  | Non-same store adjustments: |  |  |  |  |  |  |  |  |  |  |  |
|  | Dispositions |  | (1,574 | ) |  |  | (1,574 | ) | (2) |  | - |  |  |  | - |
|  | Lease termination income |  | (944 | ) |  |  | (944 | ) |  |  | - |  |  |  | - |
|  | Other, net |  | 1,304 |  |  |  | 278 |  |  |  | - |  |  |  | 1,026 |
| PGRE's share of Same Store NOI for the three months ended |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2024 | $ | 92,369 |  |  | $ | 66,129 |  |  | $ | 26,240 |  |  | $ | - |

| % (Decrease) increase |  | (5.4 | %) |  |  | (13.0 | %) |  |  | 13.7 | % |  |

(1)
See page 39 for our definition of this measure.
(2)
Represents an adjustment to prior period’s NOI to account for the 45.0% sale of 900 Third Avenue.

- 17 -

|  | CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

|  |  |  | As of March 31, 2025 |
|  |  |  | Total Consolidated |  |  | 1633 |  |  | 900 Third |  |  | One Market |  |  | 300 Mission |
|  |  |  | Joint Ventures |  |  | Broadway |  |  | Avenue (1) |  |  | Plaza |  |  | Street |
PGRE Ownership |  |  |  | 90.0% |  |  | 55.0% |  |  | 49.0% |  |  | 31.1% |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 3,522,958 |  |  | $ | 1,619,885 |  |  | $ | 344,933 |  |  | $ | 1,104,571 |  |  | $ | 453,569 |
| Cash and cash equivalents |  | 140,101 |  |  |  | 90,415 |  |  |  | 3,419 |  |  |  | 6,993 |  |  |  | 39,274 |
| Restricted cash |  | 146,565 |  |  |  | 78 |  |  |  | 368 |  |  |  | 146,119 |  |  |  | - |
| Accounts and other receivables |  | 12,915 |  |  |  | 6,012 |  |  |  | 790 |  |  |  | 5,072 |  |  |  | 1,041 |
| Deferred rent receivable |  | 199,812 |  |  |  | 90,575 |  |  |  | 13,200 |  |  |  | 71,950 |  |  |  | 24,087 |
| Deferred charges, net |  | 46,897 |  |  |  | 18,595 |  |  |  | 9,567 |  |  |  | 12,312 |  |  |  | 6,423 |
| Intangible assets, net |  | 27,224 |  |  |  | 23,798 |  |  |  | 668 |  |  |  | 2,078 |  |  |  | 680 |
| Other assets |  | 21,445 |  |  |  | 12,254 |  |  |  | 2,059 |  |  |  | 6,956 |  |  |  | 176 |
Total Assets | $ | 4,117,917 |  |  | $ | 1,861,612 |  |  | $ | 375,004 |  |  | $ | 1,356,051 |  |  | $ | 525,250 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 2,322,477 |  |  | $ | 1,245,353 |  |  | $ | - |  |  | $ | 845,351 |  |  | $ | 231,773 |
| Accounts payable and accrued expenses |  | 57,740 |  |  |  | 14,659 |  |  |  | 4,436 |  |  |  | 25,583 |  |  |  | 13,062 |
| Intangible liabilities, net |  | 11,546 |  |  |  | 9,345 |  |  |  | 121 |  |  |  | 1,794 |  |  |  | 286 |
| Other liabilities |  | 5,315 |  |  |  | 553 |  |  |  | 21 |  |  |  | 4,720 |  |  |  | 21 |
Total Liabilities |  | 2,397,078 |  |  |  | 1,269,910 |  |  |  | 4,578 |  |  |  | 877,448 |  |  |  | 245,142 |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  | 1,056,590 |  |  |  | 532,083 |  |  |  | 203,732 |  |  |  | 234,586 |  |  |  | 86,189 |
| Noncontrolling interests |  | 664,249 |  |  |  | 59,619 |  |  |  | 166,694 |  |  |  | 244,017 |  |  |  | 193,919 |
Total Equity |  | 1,720,839 |  |  |  | 591,702 |  |  |  | 370,426 |  |  |  | 478,603 |  |  |  | 280,108 |
Total Liabilities and Equity | $ | 4,117,917 |  |  | $ | 1,861,612 |  |  | $ | 375,004 |  |  | $ | 1,356,051 |  |  | $ | 525,250 |

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

- 18 -

|  | CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

|  |  |  | As of December 31, 2024 |
|  |  |  | Total Consolidated |  |  | 1633 |  |  | One Market |  |  | 300 Mission |
|  |  |  | Joint Ventures |  |  | Broadway |  |  | Plaza |  |  | Street |
PGRE Ownership |  |  |  | 90.0% |  |  | 49.0% |  |  | 31.1% |
Assets: |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 3,199,972 |  |  | $ | 1,630,488 |  |  | $ | 1,112,434 |  |  | $ | 457,050 |
| Cash and cash equivalents |  | 140,806 |  |  |  | 94,690 |  |  |  | 13,028 |  |  |  | 33,088 |
| Restricted cash |  | 127,216 |  |  |  | 78 |  |  |  | 127,138 |  |  |  | - |
| Accounts and other receivables |  | 10,056 |  |  |  | 6,102 |  |  |  | 2,995 |  |  |  | 959 |
| Deferred rent receivable |  | 192,939 |  |  |  | 92,753 |  |  |  | 75,632 |  |  |  | 24,554 |
| Deferred charges, net |  | 38,610 |  |  |  | 19,349 |  |  |  | 12,477 |  |  |  | 6,784 |
| Intangible assets, net |  | 28,569 |  |  |  | 25,117 |  |  |  | 2,741 |  |  |  | 711 |
| Other assets |  | 7,075 |  |  |  | 803 |  |  |  | 5,592 |  |  |  | 680 |
Total Assets | $ | 3,745,243 |  |  | $ | 1,869,380 |  |  | $ | 1,352,037 |  |  | $ | 523,826 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 2,320,880 |  |  | $ | 1,245,104 |  |  | $ | 844,052 |  |  | $ | 231,724 |
| Accounts payable and accrued expenses |  | 54,820 |  |  |  | 15,321 |  |  |  | 27,384 |  |  |  | 12,115 |
| Intangible liabilities, net |  | 12,581 |  |  |  | 9,856 |  |  |  | 2,427 |  |  |  | 298 |
| Other liabilities |  | 5,327 |  |  |  | 561 |  |  |  | 4,728 |  |  |  | 38 |
Total Liabilities |  | 2,393,608 |  |  |  | 1,270,842 |  |  |  | 878,591 |  |  |  | 244,175 |
Equity: |  |  |  |  |  |  |  |  |  |  |
| Paramount Group, Inc. equity |  | 856,295 |  |  |  | 538,232 |  |  |  | 232,058 |  |  |  | 86,005 |
| Noncontrolling interests |  | 495,340 |  |  |  | 60,306 |  |  |  | 241,388 |  |  |  | 193,646 |
Total Equity |  | 1,351,635 |  |  |  | 598,538 |  |  |  | 473,446 |  |  |  | 279,651 |
Total Liabilities and Equity | $ | 3,745,243 |  |  | $ | 1,869,380 |  |  | $ | 1,352,037 |  |  | $ | 523,826 |

- 19 -

|  | CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Three Months Ended March 31, 2025 |
|  |  |  | Total Consolidated |  |  | 1633 |  |  | 900 Third |  |  | One Market |  |  | 300 Mission |
|  |  |  | Joint Ventures |  |  | Broadway |  |  | Avenue (2) |  |  | Plaza |  |  | Street |
Total revenues | $ | 106,319 |  |  | $ | 49,171 |  |  | $ | 5,677 |  |  | $ | 37,780 |  |  | $ | 13,691 |
Total operating expenses |  | 41,509 |  |  |  | 21,687 |  |  |  | 3,700 |  |  |  | 11,555 |  |  |  | 4,567 |
Net operating income (1) |  | 64,810 |  |  |  | 27,484 |  |  |  | 1,977 |  |  |  | 26,225 |  |  |  | 9,124 |
Depreciation and amortization |  | (31,260 | ) |  |  | (14,029 | ) |  |  | (2,336 | ) |  |  | (10,917 | ) |  |  | (3,978 | )
Interest and other income, net |  | 1,233 |  |  |  | 660 |  |  |  | 16 |  |  |  | 278 |  |  |  | 279 |
Interest and debt expense |  | (22,228 | ) |  |  | (9,597 | ) |  |  | - |  |  |  | (9,971 | ) |  |  | (2,660 | )
Income (loss) before income taxes |  | 12,555 |  |  |  | 4,518 |  |  |  | (343 | ) |  |  | 5,615 |  |  |  | 2,765 |
Income tax expense |  | (9 | ) |  |  | (5 | ) |  |  | - |  |  |  | (2 | ) |  |  | (2 | )
Net income (loss) | $ | 12,546 |  |  | $ | 4,513 |  |  | $ | (343 | ) |  | $ | 5,613 |  |  | $ | 2,763 |
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 90.0% |  |  | 55% (2) |  |  | 49.0% |  |  | 31.1% |
| Net income (loss) | $ | 7,484 |  |  | $ | 4,065 |  |  | $ | (190 | ) |  | $ | 2,751 |  |  | $ | 858 |
| Management fee income |  | 1,217 |  |  |  | 320 |  |  |  | 72 |  |  |  | 233 |  |  |  | 592 |
| PGRE's share of net income (loss) |  | 8,701 |  |  |  | 4,385 |  |  |  | (118 | ) |  |  | 2,984 |  |  |  | 1,450 |
| Real estate depreciation and amortization |  | 20,497 |  |  |  | 12,626 |  |  |  | 1,285 |  |  |  | 5,349 |  |  |  | 1,237 |
| FFO/Core FFO (1) | $ | 29,198 |  |  | $ | 17,011 |  |  | $ | 1,167 |  |  | $ | 8,333 |  |  | $ | 2,687 |
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 10.0% |  |  | 45% (2) |  |  | 51.0% |  |  | 68.9% |
| Net income (loss) | $ | 5,062 |  |  | $ | 448 |  |  | $ | (153 | ) |  | $ | 2,862 |  |  | $ | 1,905 |
| Management fee expense |  | (1,217 | ) |  |  | (320 | ) |  |  | (72 | ) |  |  | (233 | ) |  |  | (592 | )
| Net income (loss) attributable to noncontrolling interests |  | 3,845 |  |  |  | 128 |  |  |  | (225 | ) |  |  | 2,629 |  |  |  | 1,313 |
| Real estate depreciation and amortization |  | 10,763 |  |  |  | 1,403 |  |  |  | 1,051 |  |  |  | 5,568 |  |  |  | 2,741 |
| FFO/Core FFO (1) | $ | 14,608 |  |  | $ | 1,531 |  |  | $ | 826 |  |  | $ | 8,197 |  |  | $ | 4,054 |

(1)
See page 39 for our definition of these measures.
(2)
On January 17, 2025, we sold a 45.0% equity interest in 900 Third Avenue. The amount in this column represents the results of operations from January 17, 2025 through March 31, 2025.

- 20 -

|  | CONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  | Three Months Ended March 31, 2024 |
|  |  |  | Total Consolidated |  |  | 1633 |  |  | One Market |  |  | 300 Mission |
|  |  |  | Joint Ventures |  |  | Broadway |  |  | Plaza |  |  | Street |
Total revenues | $ | 102,637 |  |  | $ | 48,806 |  |  | $ | 40,756 |  |  | $ | 13,075 |
Total operating expenses |  | 34,473 |  |  |  | 18,618 |  |  |  | 11,939 |  |  |  | 3,916 |
Net operating income (1) |  | 68,164 |  |  |  | 30,188 |  |  |  | 28,817 |  |  |  | 9,159 |
Depreciation and amortization |  | (31,508 | ) |  |  | (16,738 | ) |  |  | (10,804 | ) |  |  | (3,966 | )
Interest and other income, net |  | 888 |  |  |  | 502 |  |  |  | 274 |  |  |  | 112 |
Interest and debt expense |  | (22,646 | ) |  |  | (9,701 | ) |  |  | (10,283 | ) |  |  | (2,662 | )
Income before income taxes |  | 14,898 |  |  |  | 4,251 |  |  |  | 8,004 |  |  |  | 2,643 |
Income tax expense |  | (11 | ) |  |  | (8 | ) |  |  | (2 | ) |  |  | (1 | )
Net income | $ | 14,887 |  |  | $ | 4,243 |  |  | $ | 8,002 |  |  | $ | 2,642 |
PGRE's share |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 90.0% |  |  | 49.0% |  |  | 31.1% |
| Net income | $ | 8,562 |  |  | $ | 3,820 |  |  | $ | 3,921 |  |  | $ | 821 |
| Management fee income |  | 1,119 |  |  |  | 341 |  |  |  | 218 |  |  |  | 560 |
| PGRE's share of net income |  | 9,681 |  |  |  | 4,161 |  |  |  | 4,139 |  |  |  | 1,381 |
| Real estate depreciation and amortization |  | 21,591 |  |  |  | 15,064 |  |  |  | 5,294 |  |  |  | 1,233 |
| FFO/Core FFO (1) | $ | 31,272 |  |  | $ | 19,225 |  |  | $ | 9,433 |  |  | $ | 2,614 |
Noncontrolling interests' share |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 10.0% |  |  | 51.0% |  |  | 68.9% |
| Net income | $ | 6,325 |  |  | $ | 423 |  |  | $ | 4,081 |  |  | $ | 1,821 |
| Management fee expense |  | (1,119 | ) |  |  | (341 | ) |  |  | (218 | ) |  |  | (560 | )
| Net income attributable to noncontrolling interests |  | 5,206 |  |  |  | 82 |  |  |  | 3,863 |  |  |  | 1,261 |
| Real estate depreciation and amortization |  | 9,917 |  |  |  | 1,674 |  |  |  | 5,510 |  |  |  | 2,733 |
| FFO/Core FFO (1) | $ | 15,123 |  |  | $ | 1,756 |  |  | $ | 9,373 |  |  | $ | 3,994 |

(1)
See page 39 for our definition of these measures.

- 21 -

|  | UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of March 31, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Non-Core Assets |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 60 Wall |  |  | One Steuart |  |  |  |  |  | Market |  |  | 111 Sutter |
|  |  |  |  |  | Total |  |  | Avenue |  |  | Street |  |  | Street (1) |  |  | Lane |  |  | Other (2) |  |  | Center |  |  | Street |
PGRE Ownership |  |  |  | 50.0% |  |  | 44.1% |  |  | 5.0% |  |  | 35.0% (3) |  |  | Various |  |  | 67.0% |  |  | 49.0% |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 1,540,228 |  |  | $ | 223,327 |  |  | $ | 135,322 |  |  | $ | 710,174 |  |  | $ | 50 |  |  | $ | 142,673 |  |  | $ | 262,129 |  |  | $ | 66,553 |
| Cash and cash equivalents |  | 102,957 |  |  |  | 24,993 |  |  |  | 29,663 |  |  |  | 21,601 |  |  |  | 15,513 |  |  |  | 1,847 |  |  |  | 7,959 |  |  |  | 1,381 |
| Restricted cash |  | 39,308 |  |  |  | 5,973 |  |  |  | - |  |  |  | 14,950 |  |  |  | - |  |  |  | - |  |  |  | 15,537 |  |  |  | 2,848 |
| Accounts and other receivables |  | 7,030 |  |  |  | 5,263 |  |  |  | 377 |  |  |  | - |  |  |  | 123 |  |  |  | 28 |  |  |  | 576 |  |  |  | 663 |
| Deferred rent receivable |  | 43,619 |  |  |  | 21,349 |  |  |  | 4,492 |  |  |  | - |  |  |  | - |  |  |  | 4,792 |  |  |  | 10,274 |  |  |  | 2,712 |
| Deferred charges, net |  | 14,857 |  |  |  | 8,558 |  |  |  | 1,723 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,747 |  |  |  | 829 |
| Intangible assets, net |  | 41,259 |  |  |  | - |  |  |  | 3,001 |  |  |  | - |  |  |  | - |  |  |  | 34,641 |  |  |  | 2,890 |  |  |  | 727 |
| For-sale residential condominium units |  | 185,944 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 185,944 |  |  |  | - |  |  |  | - |  |  |  | - |
| Other assets |  | 10,744 |  |  |  | 3,151 |  |  |  | 31 |  |  |  | 4,741 |  |  |  | 307 |  |  |  | 2,270 |  |  |  | 197 |  |  |  | 47 |
Total Assets | $ | 1,985,946 |  |  | $ | 292,614 |  |  | $ | 174,609 |  |  | $ | 751,466 |  |  | $ | 201,937 |  |  | $ | 186,251 |  |  | $ | 303,309 |  |  | $ | 75,760 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 1,797,068 |  |  | $ | 299,110 |  |  | $ | 187,267 |  |  | $ | 617,739 |  |  | $ | - |  |  | $ | 104,870 |  |  | $ | 416,544 |  |  | $ | 171,538 |
| Accounts payable and accrued expenses |  | 77,160 |  |  |  | 6,389 |  |  |  | 5,282 |  |  |  | 18,221 |  |  |  | 1,561 |  |  |  | 1,605 |  |  |  | 38,359 |  |  |  | 5,743 |
| Intangible liabilities, net |  | 2,586 |  |  |  | - |  |  |  | 2,171 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 191 |  |  |  | 224 |
| Other liabilities |  | 77,158 |  |  |  | 173 |  |  |  | 152 |  |  |  | 65,097 |  |  |  | 13 |  |  |  | 3,421 |  |  |  | 8,062 |  |  |  | 240 |
Total Liabilities |  | 1,953,972 |  |  |  | 305,672 |  |  |  | 194,872 |  |  |  | 701,057 |  |  |  | 1,574 |  |  |  | 109,896 |  |  |  | 463,156 |  |  |  | 177,745 |
Total Equity |  | 31,974 |  |  |  | (13,058 | ) |  |  | (20,263 | ) |  |  | 50,409 |  |  |  | 200,363 |  |  |  | 76,355 |  |  |  | (159,847 | ) |  |  | (101,985 | )
Total Liabilities and Equity | $ | 1,985,946 |  |  | $ | 292,614 |  |  | $ | 174,609 |  |  | $ | 751,466 |  |  | $ | 201,937 |  |  | $ | 186,251 |  |  | $ | 303,309 |  |  | $ | 75,760 |

(1)
This property is “out-of-service” for redevelopment.
(2)
Represents 1600 Broadway and Oder-Center, Germany.
(3)
RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

- 22 -

|  | UNCONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)

|  |  |  |  |  | As of December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Non-Core Assets |
|  |  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 60 Wall |  |  | One Steuart |  |  |  |  |  | Market |  |  | 111 Sutter |
|  |  |  |  |  | Total |  |  | Avenue |  |  | Street |  |  | Street (1) |  |  | Lane |  |  | Other (2) |  |  | Center |  |  | Street |
PGRE Ownership |  |  |  | 50.0% |  |  | 44.1% |  |  | 5.0% |  |  | 35.0% (3) |  |  | Various |  |  | 67.0% |  |  | 49.0% |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Real estate, net | $ | 1,567,771 |  |  | $ | 223,640 |  |  | $ | 136,627 |  |  | $ | 663,046 |  |  | $ | 50 |  |  | $ | 143,557 |  |  | $ | 264,135 |  |  | $ | 136,716 |
| Cash and cash equivalents |  | 104,982 |  |  |  | 27,144 |  |  |  | 26,919 |  |  |  | 20,388 |  |  |  | 23,514 |  |  |  | 2,492 |  |  |  | 2,700 |  |  |  | 1,825 |
| Restricted cash |  | 49,687 |  |  |  | 5,971 |  |  |  | - |  |  |  | 28,482 |  |  |  | - |  |  |  | - |  |  |  | 13,631 |  |  |  | 1,603 |
| Accounts and other receivables |  | 7,849 |  |  |  | 5,135 |  |  |  | 444 |  |  |  | 227 |  |  |  | 123 |  |  |  | 32 |  |  |  | 1,253 |  |  |  | 635 |
| Deferred rent receivable |  | 42,128 |  |  |  | 21,697 |  |  |  | 4,594 |  |  |  | - |  |  |  | - |  |  |  | 4,476 |  |  |  | 8,751 |  |  |  | 2,610 |
| Deferred charges, net |  | 15,434 |  |  |  | 8,934 |  |  |  | 1,639 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,945 |  |  |  | 916 |
| Intangible assets, net |  | 42,672 |  |  |  | - |  |  |  | 3,159 |  |  |  | - |  |  |  | - |  |  |  | 35,422 |  |  |  | 3,304 |  |  |  | 787 |
| For-sale residential condominium units |  | 195,113 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 195,113 |  |  |  | - |  |  |  | - |  |  |  | - |
| Other assets |  | 3,530 |  |  |  | 45 |  |  |  | 252 |  |  |  | 499 |  |  |  | 202 |  |  |  | 1,549 |  |  |  | 792 |  |  |  | 191 |
Total Assets | $ | 2,029,166 |  |  | $ | 292,566 |  |  | $ | 173,634 |  |  | $ | 712,642 |  |  | $ | 219,002 |  |  | $ | 187,528 |  |  | $ | 298,511 |  |  | $ | 145,283 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Notes and mortgages payable, net | $ | 1,783,587 |  |  | $ | 299,007 |  |  | $ | 187,227 |  |  | $ | 605,584 |  |  | $ | - |  |  | $ | 106,077 |  |  | $ | 416,520 |  |  | $ | 169,172 |
| Accounts payable and accrued expenses |  | 59,860 |  |  |  | 6,032 |  |  |  | 4,478 |  |  |  | 16,455 |  |  |  | 1,660 |  |  |  | 1,589 |  |  |  | 25,694 |  |  |  | 3,952 |
| Intangible liabilities, net |  | 2,480 |  |  |  | - |  |  |  | 2,019 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 223 |  |  |  | 238 |
| Other liabilities |  | 73,129 |  |  |  | 188 |  |  |  | 162 |  |  |  | 66,305 |  |  |  | 5 |  |  |  | 2,992 |  |  |  | 3,232 |  |  |  | 245 |
Total Liabilities |  | 1,919,056 |  |  |  | 305,227 |  |  |  | 193,886 |  |  |  | 688,344 |  |  |  | 1,665 |  |  |  | 110,658 |  |  |  | 445,669 |  |  |  | 173,607 |
Total Equity |  | 110,110 |  |  |  | (12,661 | ) |  |  | (20,252 | ) |  |  | 24,298 |  |  |  | 217,337 |  |  |  | 76,870 |  |  |  | (147,158 | ) |  |  | (28,324 | )
Total Liabilities and Equity | $ | 2,029,166 |  |  | $ | 292,566 |  |  | $ | 173,634 |  |  | $ | 712,642 |  |  | $ | 219,002 |  |  | $ | 187,528 |  |  | $ | 298,511 |  |  | $ | 145,283 |

(1)
This property is “out-of-service” for redevelopment.
(2)
Represents 1600 Broadway and Oder-Center, Germany.
(3)
RDF, our consolidated Residential Development Fund, owns a 35% economic interest in One Steuart Lane, a for-sale residential condominium project. Our economic interest in One Steuart Lane (based on our 7.4% interest in RDF) is 2.6%.

- 23 -

|  | UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Three Months Ended March 31, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Non-Core Assets |
|  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 60 Wall |  |  | One Steuart |  |  |  |  |  | Market |  |  | 111 Sutter |
|  |  |  |  | Total |  |  | Avenue |  |  | Street |  |  | Street (2) |  |  | Lane |  |  | Other (3) |  |  | Center |  |  | Street |
Total revenues | $ | 51,232 |  |  | $ | 12,498 |  |  | $ | 7,394 |  |  | $ | - |  |  | $ | 17,472 |  | (4) | $ | 3,908 |  |  | $ | 6,628 |  |  | $ | 3,332 |
Total operating expenses |  | 32,599 |  |  |  | 6,527 |  |  |  | 3,516 |  |  |  | 16 |  |  |  | 12,366 |  | (5) |  | 1,366 |  |  |  | 6,323 |  |  |  | 2,485 |
Net operating income (loss) (1) |  | 18,633 |  |  |  | 5,971 |  |  |  | 3,878 |  |  |  | (16 | ) |  |  | 5,106 |  |  |  | 2,542 |  |  |  | 305 |  |  |  | 847 |
Depreciation and amortization |  | (10,750 | ) |  |  | (3,894 | ) |  |  | (2,211 | ) |  |  | - |  |  |  | - |  |  |  | (1,081 | ) |  |  | (2,618 | ) |  |  | (946 | )
Interest and other income, net |  | 1,816 |  |  |  | 172 |  |  |  | 195 |  |  |  | 1,190 |  |  |  | 239 |  |  |  | 6 |  |  |  | 13 |  |  |  | 1 |
Interest and debt expense |  | (18,715 | ) |  |  | (2,645 | ) |  |  | (1,857 | ) |  |  | - |  |  |  | - |  |  |  | (1,056 | ) |  |  | (10,389 | ) |  |  | (2,768 | )
(Loss) income before income taxes |  | (9,016 | ) |  |  | (396 | ) |  |  | 5 |  |  |  | 1,174 |  |  |  | 5,345 |  |  |  | 411 |  |  |  | (12,689 | ) |  |  | (2,866 | )
Income tax expense |  | (26 | ) |  |  | - |  |  |  | (17 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | )
Net (loss) income | $ | (9,042 | ) |  | $ | (396 | ) |  | $ | (12 | ) |  | $ | 1,173 |  |  | $ | 5,343 |  |  | $ | 410 |  |  | $ | (12,691 | ) |  | $ | (2,869 | )
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 44.1% |  |  | 5.0% |  |  | 35.0% |  |  | Various |  |  | 67.0% |  |  | 49.0% |
| Net (loss) income | $ | (8,149 | ) |  | $ | (200 | ) |  | $ | (5 | ) |  | $ | 59 |  |  | $ | 1,870 |  |  | $ | 38 |  |  | $ | (8,505 | ) |  | $ | (1,406 | )
| Step-up basis adjustment |  | (24 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (22 | ) |  |  | (2 | ) |  |  | - |  |  |  | - |
| Adjustments to equity in earnings of unconsolidated joint ventures |  | 10,080 |  |  |  | 200 |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | (36 | ) |  |  | 8,505 |  |  |  | 1,406 |
| PGRE's share of net income |  | 1,907 |  |  |  | - |  |  |  | - |  |  |  | 59 |  |  |  | 1,848 |  |  |  | - |  |  |  | - |  |  |  | - |
| Real estate depreciation and amortization |  | 3,023 |  |  |  | 1,947 |  |  |  | 975 |  |  |  | - |  |  |  | - |  |  |  | 101 |  |  |  | - |  |  |  | - |
| FFO (1) |  | 4,930 |  |  |  | 1,947 |  |  |  | 975 |  |  |  | 59 |  |  |  | 1,848 |  |  |  | 101 |  |  |  | - |  |  |  | - |
| Adjustments to equity in earnings of unconsolidated joint ventures |  | (169 | ) |  |  | (200 | ) |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 36 |  |  |  | - |  |  |  | - |
| FFO attributable to One Steuart Lane |  | (1,848 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,848 | ) |  |  | - |  |  |  | - |  |  |  | - |
| Other non-core items |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| Core FFO (1) | $ | 2,913 |  |  | $ | 1,747 |  |  | $ | 970 |  |  | $ | 59 |  |  | $ | - |  |  | $ | 137 |  |  | $ | - |  |  | $ | - |

(1)
See page 39 for our definition of this measure.
(2)
This property is “out-of-service” for redevelopment.
(3)
Represents 1600 Broadway and Oder-Center, Germany.
(4)
Includes proceeds from the sale of residential condominium units at One Steuart Lane.
(5)
Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

- 24 -

|  | UNCONSOLIDATED JOINT VENTURES – OPERATING RESULTS

(unaudited and in thousands)

|  |  |  |  | Three Months Ended March 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Non-Core Assets |
|  |  |  |  |  |  |  | 712 Fifth |  |  | 55 Second |  |  | 60 Wall |  |  | One Steuart |  |  |  |  |  | Market |  |  | 111 Sutter |
|  |  |  |  | Total |  |  | Avenue |  |  | Street |  |  | Street (2) |  |  | Lane |  |  | Other (3) |  |  | Center |  |  | Street |
Total revenues | $ | 50,934 |  |  | $ | 12,782 |  |  | $ | 7,995 |  |  | $ | - |  |  | $ | 14,066 |  | (4) | $ | 3,875 |  |  | $ | 8,609 |  |  | $ | 3,607 |
Total operating expenses |  | 32,439 |  |  |  | 6,024 |  |  |  | 3,387 |  |  |  | 18 |  |  |  | 12,184 |  | (5) |  | 1,928 |  |  |  | 6,603 |  |  |  | 2,295 |
Net operating income (loss) (1) |  | 18,495 |  |  |  | 6,758 |  |  |  | 4,608 |  |  |  | (18 | ) |  |  | 1,882 |  |  |  | 1,947 |  |  |  | 2,006 |  |  |  | 1,312 |
Depreciation and amortization |  | (13,162 | ) |  |  | (3,106 | ) |  |  | (3,694 | ) |  |  | - |  |  |  | - |  |  |  | (1,075 | ) |  |  | (3,234 | ) |  |  | (2,053 | )
Interest and other income (loss), net |  | 626 |  |  |  | 176 |  |  |  | 237 |  |  |  | (2 | ) |  |  | 154 |  |  |  | 12 |  |  |  | 45 |  |  |  | 4 |
Interest and debt expense |  | (17,589 | ) |  |  | (2,673 | ) |  |  | (1,857 | ) |  |  | (5,255 | ) |  |  | - |  |  |  | (1,078 | ) |  |  | (3,612 | ) |  |  | (3,114 | )
(Loss) income before income taxes |  | (11,630 | ) |  |  | 1,155 |  |  |  | (706 | ) |  |  | (5,275 | ) |  |  | 2,036 |  |  |  | (194 | ) |  |  | (4,795 | ) |  |  | (3,851 | )
Income tax expense |  | (16 | ) |  |  | - |  |  |  | (6 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | )
Net (loss) income | $ | (11,646 | ) |  | $ | 1,155 |  |  | $ | (712 | ) |  | $ | (5,277 | ) |  | $ | 2,034 |  |  | $ | (195 | ) |  | $ | (4,797 | ) |  | $ | (3,854 | )
PGRE's share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership | Total |  |  | 50.0% |  |  | 44.1% |  |  | 5.0% |  |  | 35.0% |  |  | Various |  |  | 67.0% |  |  | 49.0% |
| Net (loss) income | $ | (4,401 | ) |  | $ | 577 |  |  | $ | (300 | ) |  | $ | (263 | ) |  | $ | 712 |  |  | $ | (21 | ) |  | $ | (3,217 | ) |  | $ | (1,889 | )
| Step-up basis adjustment |  | (50 | ) |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | (21 | ) |  |  | (27 | ) |  |  | - |  |  |  | - |
| Adjustments to equity in earnings of unconsolidated joint ventures |  | 3,105 |  |  |  | (577 | ) |  |  | - |  |  |  | (1,424 | ) |  |  | - |  |  |  | - |  |  |  | 3,217 |  |  |  | 1,889 |
| PGRE's share of net (loss) income |  | (1,346 | ) |  |  | - |  |  |  | (302 | ) |  |  | (1,687 | ) |  |  | 691 |  |  |  | (48 | ) |  |  | - |  |  |  | - |
| Real estate depreciation and amortization |  | 3,310 |  |  |  | 1,553 |  |  |  | 1,631 |  |  |  | - |  |  |  | - |  |  |  | 126 |  |  |  | - |  |  |  | - |
| FFO (1) |  | 1,964 |  |  |  | 1,553 |  |  |  | 1,329 |  |  |  | (1,687 | ) |  |  | 691 |  |  |  | 78 |  |  |  | - |  |  |  | - |
| Adjustments to equity in earnings of unconsolidated joint ventures |  | 2,001 |  |  |  | 577 |  |  |  | - |  |  |  | 1,424 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| FFO attributable to One Steuart Lane |  | (691 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (691 | ) |  |  | - |  |  |  | - |  |  |  | - |
| Other non-core items |  | 263 |  |  |  | - |  |  |  | - |  |  |  | 263 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
| Core FFO (1) | $ | 3,537 |  |  | $ | 2,130 |  |  | $ | 1,329 |  |  | $ | - |  |  | $ | - |  |  | $ | 78 |  |  | $ | - |  |  | $ | - |

(1)
See page 39 for our definition of this measure.
(2)
This property is “out-of-service” for redevelopment.
(3)
Represents 1600 Broadway and Oder-Center, Germany.
(4)
Includes proceeds from the sale of residential condominium units at One Steuart Lane.
(5)
Includes cost of sales relating to residential condominium units sold at One Steuart Lane.

- 25 -

|  | CAPITAL STRUCTURE

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

|  |  |  |  |  |  |  | As of March 31, 2025 |  |
Debt (2): |  |  |  | At 100% |  |  | At PGRE's Share (1) |  |  | Excluding Non-Core Debt (3) |  |
| Notes and mortgages payable (secured debt): |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated debt |  |  |  | $ | 3,692,050 |  |  | $ | 2,973,680 |  |  | $ | 2,973,680 |  |
| Unconsolidated joint ventures debt |  |  |  |  | 1,218,311 |  |  |  | 273,761 |  |  |  | 273,761 |  |
| Non-core unconsolidated joint ventures debt |  |  |  |  | 588,095 |  |  |  | 363,144 |  |  |  | - |  |
| Revolving Credit Facility (unsecured debt) |  |  |  |  | - |  |  |  | - |  |  |  | - |  |
| Total debt |  |  |  | $ | 5,498,456 |  |  |  | 3,610,585 |  | (A) |  | 3,247,441 |  | (A)
|  |  |  |  | Shares / Units |  |  | Share Price as of |  |  |  |  |  |  |  |
Equity: | Outstanding |  |  | March 31, 2025 |  |  |  |  |  |  |  |
| Common stock |  | 219,225,083 |  |  | $ | 4.30 |  |  |  | 942,668 |  |  |  | 942,668 |  |
| Operating Partnership units |  | 18,784,741 |  |  |  | 4.30 |  |  |  | 80,774 |  |  |  | 80,774 |  |
| Total equity |  | 238,009,824 |  |  |  | 4.30 |  |  |  | 1,023,442 |  |  |  | 1,023,442 |  |
Total Market Capitalization | $ | 4,634,027 |  |  | $ | 4,270,883 |  |
PGRE's share of cash and cash equivalents and restricted cash (1) |  |  | $ | 517,115 |  | (B) | $ | 499,299 |  | (B)
PGRE's share of net debt (1) (A - B) |  |  | $ | 3,093,470 |  |  | $ | 2,748,142 |  |
PGRE's share of Net Debt to Annualized Adjusted EBITDAre (1) | 9.9x |  |  | 8.8x |  |

(1)
See page 39 for our definition of this measure.
(2)
Represents contractual amounts due pursuant to the respective debt agreements.
(3)
Excludes Market Center and 111 Sutter Street.

- 26 -

|  | DEBT ANALYSIS

(unaudited)

Revolving Credit Facility Covenants (4): | Required |  | Actual |  |  | Debt Composition (at PGRE's Share)
| Total Debt / Total Assets | Less than 60% | 49.2% |  |  |  |  |  |  | Weighted Average |  |
| Secured Debt / Total Assets | Less than 60% | 49.2% |  |  |  |  |  |  | Interest Rate |  | Years to Maturity |  |
| Fixed Charge Coverage | Greater than 1.5x | 2.17x |  |  |  | Including Non-Core Debt: |  |  |  |  |
| Unsecured Debt / Unencumbered Assets | Less than 60% | 0.0% |  |  |  |  | Fixed Rate Debt | 3.51% |  | 3.1 |  |
| Unencumbered Interest Coverage | Greater than 1.75x | 43.31x |  |  |  |  | Floating Rate Debt | 6.21% |  | 1.0 |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Total | 4.44% |  | 2.4 |  |
|  |  |  |  |  |  |  |  |  |  |  | Excluding Non-Core Debt (2): |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Fixed Rate Debt | 3.51% |  | 3.1 |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Floating Rate Debt | 6.28% |  | 1.4 |  |
|  |  |  |  |  |  |  |  |  |  | Total | 4.26% |  | 2.6 |  |

(1)
See page 39 for our definition of this measure.
(2)
Excludes Market Center and 111 Sutter Street.
(3)
Includes an $860 million loan that bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.
(4)
This section presents ratios as of March 31, 2025 in accordance with the terms of our revolving credit facility (the “credit facility”) agreement, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the credit facility. On January 17, 2025, we entered into a consent agreement with the lenders of our credit facility to permit the disposition of a 45.0% equity interest in 900 Third Avenue, one of the assets supporting our credit facility. In connection therewith, we reduced the aggregate commitments under the credit facility to $450 million and modified our credit facility to, among other things, (i) reduce the aggregate unencumbered asset value of all unencumbered eligible properties from $900 million to $500 million, (ii) increase the secured leverage ratio as of the last day of any relevant fiscal quarter from 50% to 60%, and (iii) limit borrowings under the credit facility to $200 million, through June 30, 2025. There are currently two assets supporting our credit facility. A sale of an equity interest in either of these assets will result in a termination of the existing credit facility. If the existing credit facility is terminated, there is no guarantee we would be able to obtain a new credit facility on favorable terms, or at all.

- 27 -

|  | DEBT MATURITIES

(unaudited and in thousands)

| Paramount |  |  | PGRE's Share of Debt |  |  |  |  |
Notes and mortgages payable (secured) | Ownership |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |  |  | Rate |  |
Consolidated Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31 West 52nd Street ($500,000) |  | 100.0 | % |  | $ | - |  |  | $ | 500,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 500,000 |  |  |  | 3.80 | % |
| 1301 Avenue of the Americas ($860,000) |  | 100.0 | % |  |  | - |  |  |  | 860,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 860,000 |  |  |  | 6.27 | % | (2)
| 300 Mission Street ($232,050) |  | 31.1 | % |  |  | - |  |  |  | 72,168 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 72,168 |  |  |  | 4.50 | % |
| One Market Plaza ($850,000) |  | 49.0 | % |  |  | - |  |  |  | - |  |  |  | 416,500 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 416,500 |  |  |  | 4.08 | % |
| 1633 Broadway ($1,250,000) |  | 90.0 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,125,012 |  |  |  | - |  |  |  | 1,125,012 |  |  |  | 2.99 | % |
Unconsolidated JV Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 55 Second Street ($187,500) |  | 44.1 | % |  |  | - |  |  |  | 82,669 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 82,669 |  |  |  | 3.88 | % |
| 712 Fifth Avenue ($300,000) |  | 50.0 | % |  |  | - |  |  |  | - |  |  |  | 150,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 150,000 |  |  |  | 3.39 | % |
| Oder-Center, Germany ($8,299) |  | 9.5 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 788 |  |  |  | - |  |  |  | - |  |  |  | 788 |  |  |  | 4.28 | % |
| 60 Wall Street ($624,512) |  | 5.0 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 31,288 |  |  |  | - |  |  |  | 31,288 |  |  |  | 9.25 | % | (3)
| 1600 Broadway ($98,000) |  | 9.2 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,016 |  |  |  | 9,016 |  |  |  | 3.45 | % |
Non-Core Unconsolidated JV Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 111 Sutter Street ($171,551) |  | 49.0 | % |  |  | 84,060 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 84,060 |  |  |  | 6.48 | % | (4)
| Market Center ($416,544) |  | 67.0 | % |  |  | 279,084 |  | (5) |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 279,084 |  |  |  | 5.94 | % |
Revolving Credit Facility (unsecured) |  | 100.0 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - | % |
PGRE's Share of Total Debt (1) |  |  | $ | 363,144 |  |  | $ | 1,514,837 |  |  | $ | 566,500 |  |  | $ | 788 |  |  | $ | 1,156,300 |  |  | $ | 9,016 |  |  | $ | 3,610,585 |  |  |  |  |
| Weighted average rate |  |  |  | 6.06 | % |  |  | 5.24 | % |  |  | 3.90 | % |  |  | 4.29 | % |  |  | 3.16 | % |  |  | 3.45 | % |  |  | 4.44 | % |  |  |  |
| % of debt maturing |  |  |  | 10.1 | % |  |  | 42.0 | % |  |  | 15.7 | % |  |  | 0.0 | % |  |  | 32.0 | % |  |  | 0.2 | % |  |  | 100.0 | % |  |  |  |
PGRE's Share of Total Debt Excluding Non-Core Assets | $ | - |  |  | $ | 1,514,837 |  |  | $ | 566,500 |  |  | $ | 788 |  |  | $ | 1,156,300 |  |  | $ | 9,016 |  |  | $ | 3,247,441 |  |  |  |  |
| Weighted average rate |  |  |  | - | % |  |  | 5.24 | % |  |  | 3.90 | % |  |  | 4.29 | % |  |  | 3.16 | % |  |  | 3.45 | % |  |  | 4.26 | % |  |  |  |
| % of debt maturing |  |  |  | - | % |  |  | 46.7 | % |  |  | 17.4 | % |  |  | 0.0 | % |  |  | 35.6 | % |  |  | 0.3 | % |  |  | 100.0 | % |  |  |  |

(1)
See page 39 for our definition of this measure.
(2)
This loan bears interest at a rate of SOFR plus 277 basis points, where SOFR has been capped at 3.50% through August 2025.
(3)
Consists of (i) a $16,450 A-Note that bears interest at SOFR plus 245 basis points, of which 4.00% is current and the remaining interest will be accrued and (ii) a $14,838 B-Note that will accrue interest at a fixed rate of 12.00%. The accrued interest on the A-Note, and the principal and accrued interest on the B-Note, are subordinate to equity contributions by the joint venture.
(4)
This loan bears interest at a rate of SOFR plus 215 basis points.
(5)
This loan matured in January 2025 and was not repaid at maturity. The joint venture is currently working with the lenders to sell the property.

- 28 -

|  | PORTFOLIO SUMMARY – TOTAL

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

|  |  |  |  |  |  |  |  |  |  | Annualized Rent (1) |  |  | Square Feet |
|  |  |  |  | % |  |  | % |  |  |  |  |  | Per |  |  | In |  |  | Out-of- |  |  |  |
|  |  | Leased (1) |  |  | Occupied (1) |  |  | Amount |  |  | Square Foot (2) |  |  | Service |  |  | Service |  |  | Total |
Total Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average |  | 82.5 | % |  |  | 79.9 | % |  | $ | 840,058 |  |  | $ | 93.55 |  |  |  | 11,341,536 |  |  |  | 1,643,651 |  |  |  | 12,985,187 |
| PGRE's share |  |  | 83.2 | % |  |  | 80.5 | % |  | $ | 619,172 |  |  | $ | 90.03 |  |  |  | 8,664,013 |  |  |  | 82,347 |  |  |  | 8,746,360 |
Non-Same Store Portfolio (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average |  | 45.2 | % |  |  | 45.2 | % |  | $ | 38,974 |  |  | $ | 83.91 |  |  |  | 1,026,970 |  |  |  | 1,643,651 |  |  |  | 2,670,621 |
| PGRE's share |  |  | 45.0 | % |  |  | 45.0 | % |  | $ | 24,202 |  |  | $ | 84.10 |  |  |  | 638,282 |  |  |  | 82,347 |  |  |  | 720,629 |
Same Store Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average |  | 86.2 | % |  |  | 83.4 | % |  | $ | 801,084 |  |  | $ | 94.09 |  |  |  | 10,314,566 |  |  |  | - |  |  |  | 10,314,566 |
| PGRE's share |  |  | 86.2 | % |  |  | 83.4 | % |  | $ | 594,970 |  |  | $ | 90.29 |  |  |  | 8,025,731 |  |  |  | - |  |  |  | 8,025,731 |

|  |  | Leased % (1) (at PGRE's Share) |
|  |  | March 31, 2025 |  |  | December 31, 2024 |  |  | September 30, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |
Total Portfolio |  |  |  |  |
New York |  |  |  | 87.4 | % |  |  | 85.0 | % |  |  | 85.0 | % |  |  | 86.9 | % |  |  | 90.1 | %
San Francisco |  |  |  | 72.6 | % |  |  | 74.0 | % |  |  | 74.2 | % |  |  | 74.9 | % |  |  | 76.8 | %
Weighted Average |  |  | 83.2 | % |  |  | 82.0 | % |  |  | 82.0 | % |  |  | 83.6 | % |  |  | 86.5 | %

(1)
See page 39 for our definition of this measure.
(2)
Represents office and retail space only.
(3)
Includes (i) 60 Wall Street in our New York portfolio, which is “out-of-service” for redevelopment and (ii) Market Center and 111 Sutter Street in our San Francisco portfolio.

- 29 -

|  | PORTFOLIO SUMMARY – NEW YORK

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

|  |  |  |  |  |  |  |  |  |  |  |  | Annualized Rent (1) |  |  | Square Feet |  |  |
|  |  |  | Paramount |  |  | % |  |  | % |  |  |  |  |  | Per |  |  | In |  |  | Out-of- |  |  |  |  |  |
Property |  | Ownership |  |  | Leased (1) |  |  | Occupied (1) |  |  | Amount |  |  | Square Foot (2) |  |  | Service |  |  | Service |  |  | Total |  |  | Key Tenants
1633 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 90.0 | % |  |  | 91.7 | % |  |  | 91.7 | % |  | $ | 176,692 |  |  | $ | 85.05 |  |  |  | 2,275,229 |  |  |  | - |  |  |  | 2,275,229 |  |  | Allianz, Morgan Stanley, Warner Music Group, ICBC,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Showtime Networks, New Mountain Capital, MongoDB,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Bleacher Report, Kasowitz, Benson, Torres & Friedman
| Retail / Theater |  | 90.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 14,846 |  |  |  | 77.15 |  |  |  | 256,758 |  |  |  | - |  |  |  | 256,758 |  |  | Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | La Pecora Bianca, Rosetta Bakery
|  |  |  |  | 90.0 | % |  |  | 92.6 | % |  |  | 92.6 | % |  |  | 191,538 |  |  |  | 84.80 |  |  |  | 2,531,987 |  |  |  | - |  |  |  | 2,531,987 |  |  |
1301 Avenue of the Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 100.0 | % |  |  | 87.9 | % |  |  | 80.1 | % |  |  | 117,473 |  |  |  | 87.38 |  |  |  | 1,698,626 |  |  |  | - |  |  |  | 1,698,626 |  |  | Credit Agricole, Norton Rose Fulbright, CohnReznick,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Swiss Re, Oaktree Capital, ArentFox Schiff, Citizens Bank,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | O'Melveny & Myers, Dorsey & Whitney
| Retail / Paramount Club |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 4,580 |  |  |  | 187.26 |  |  |  | 50,885 |  |  |  | - |  |  |  | 50,885 |  |  | Ocean Prime, Starbucks, Citizens Bank
|  |  |  |  | 100.0 | % |  |  | 88.3 | % |  |  | 80.6 | % |  |  | 122,053 |  |  |  | 88.71 |  |  |  | 1,749,511 |  |  |  | - |  |  |  | 1,749,511 |  |  |
1325 Avenue of the Americas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 100.0 | % |  |  | 94.5 | % |  |  | 93.9 | % |  |  | 51,132 |  |  |  | 68.85 |  |  |  | 810,316 |  |  |  | - |  |  |  | 810,316 |  |  | McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Major League Baseball Players Association
| Retail |  | 100.0 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 1,474 |  |  |  | 95.79 |  |  |  | 14,998 |  |  |  | - |  |  |  | 14,998 |  |  | La Grande Boucherie
|  |  |  |  | 100.0 | % |  |  | 94.6 | % |  |  | 94.0 | % |  |  | 52,606 |  |  |  | 69.26 |  |  |  | 825,314 |  |  |  | - |  |  |  | 825,314 |  |  |
31 West 52nd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 100.0 | % |  |  | 65.8 | % |  |  | 65.8 | % |  |  | 46,852 |  |  |  | 95.24 |  |  |  | 747,767 |  |  |  | - |  |  |  | 747,767 |  |  | Pillsbury Winthrop Shaw Pittman, Centerview Partners,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Bracewell, Providence Equity Partners, Wilson Sonsini
| Retail |  | 100.0 | % |  |  | 89.1 | % |  |  | 89.1 | % |  |  | 5,048 |  |  |  | 124.88 |  |  |  | 25,345 |  |  |  | - |  |  |  | 25,345 |  |  | Fogo De Chao, MoMA Design Store
|  |  |  |  | 100.0 | % |  |  | 66.6 | % |  |  | 66.6 | % |  |  | 51,900 |  |  |  | 96.54 |  |  |  | 773,112 |  |  |  | - |  |  |  | 773,112 |  |  |
900 Third Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 55.0 | % |  |  | 90.5 | % |  |  | 67.1 | % |  |  | 27,374 |  |  |  | 71.16 |  |  |  | 575,707 |  |  |  | - |  |  |  | 575,707 |  |  | Kirkland & Ellis, Shiseido, Littler Mendelson,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Tannenbaum Helpern Syracuse & Hirschtritt
| Retail |  | 55.0 | % |  |  | 81.7 | % |  |  | 81.7 | % |  |  | 1,408 |  |  |  | 102.54 |  |  |  | 16,144 |  |  |  | - |  |  |  | 16,144 |  |  | Bank of America, F45 Training
|  |  |  |  | 55.0 | % |  |  | 90.2 | % |  |  | 67.5 | % |  |  | 28,782 |  |  |  | 72.20 |  |  |  | 591,851 |  |  |  | - |  |  |  | 591,851 |  |  |
712 Fifth Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 50.0 | % |  |  | 79.9 | % |  |  | 79.9 | % |  |  | 44,511 |  |  |  | 124.45 |  |  |  | 447,925 |  |  |  | - |  |  |  | 447,925 |  |  | CVC Advisors, Aberdeen, OMI Management,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Riverstone Holdings, Pictet Asset Management
| Retail |  | 50.0 | % |  |  | 22.6 | % |  |  | 22.6 | % |  |  | 8,212 |  |  |  | 455.10 |  |  |  | 79,463 |  |  |  | - |  |  |  | 79,463 |  |  | Harry Winston
|  |  |  |  | 50.0 | % |  |  | 71.2 | % |  |  | 71.2 | % |  |  | 52,723 |  |  |  | 140.23 |  |  |  | 527,388 |  |  |  | - |  |  |  | 527,388 |  |  |
1600 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail |  | 9.2 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 10,959 |  |  |  | 325.69 |  |  |  | 25,693 |  |  |  | - |  |  |  | 25,693 |  |  | M&M's World
60 Wall Street (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 5.0 | % |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  |  | - |  |  |  | 1,643,651 |  |  |  | 1,643,651 |  |  |
| New York: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average |  | 87.1 | % |  |  | 83.2 | % |  | $ | 510,561 |  |  | $ | 88.71 |  |  |  | 7,024,856 |  |  |  | 1,643,651 |  |  |  | 8,668,507 |  |  |
| PGRE's share |  |  |  | 87.4 | % |  |  | 84.0 | % |  | $ | 442,145 |  |  | $ | 86.40 |  |  |  | 6,218,327 |  |  |  | 82,347 |  |  |  | 6,300,674 |  |  |

(1)
See page 39 for our definition of this measure.
(2)
Represents office and retail space only.
(3)
This property is “out-of-service” for redevelopment.

- 30 -

|  | PORTFOLIO SUMMARY – SAN FRANCISCO

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

|  |  |  |  |  |  |  |  |  |  |  |  | Annualized Rent (1) |  |  | Square Feet |  |  |
|  |  |  | Paramount |  |  | % |  |  | % |  |  |  |  |  | Per |  |  | In |  |  | Out-of- |  |  |  |  |  |
Property |  | Ownership |  |  | Leased (1) |  |  | Occupied (1) |  |  | Amount |  |  | Square Foot (2) |  |  | Service |  |  | Service |  |  | Total |  |  | Key Tenants
One Market Plaza |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 49.0 | % |  |  | 91.1 | % |  |  | 90.7 | % |  | $ | 163,169 |  |  | $ | 116.06 |  |  |  | 1,554,625 |  |  |  | - |  |  |  | 1,554,625 |  |  | Visa, The Capital Group, Autodesk,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Citigroup, Duane Morris, Thoma Bravo,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | PJT Partners, Google, Morgan Lewis & Bockius
| Retail |  | 49.0 | % |  |  | 60.5 | % |  |  | 60.5 | % |  |  | 4,557 |  |  |  | 81.90 |  |  |  | 53,882 |  |  |  | - |  |  |  | 53,882 |  |  | STK Steak House, One Market Restaurant
|  |  |  |  | 49.0 | % |  |  | 90.1 | % |  |  | 89.6 | % |  |  | 167,726 |  |  |  | 115.34 |  |  |  | 1,608,507 |  |  |  | - |  |  |  | 1,608,507 |  |  |
300 Mission Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 31.1 | % |  |  | 80.8 | % |  |  | 80.8 | % |  |  | 50,146 |  |  |  | 102.75 |  |  |  | 604,837 |  |  |  | - |  |  |  | 604,837 |  |  | Autodesk, Glassdoor, Instacart
| Retail |  | 31.1 | % |  |  | 88.5 | % |  |  | 88.5 | % |  |  | 3,439 |  |  |  | 77.07 |  |  |  | 49,172 |  |  |  | - |  |  |  | 49,172 |  |  | Equinox
|  |  |  |  | 31.1 | % |  |  | 81.4 | % |  |  | 81.4 | % |  |  | 53,585 |  |  |  | 100.65 |  |  |  | 654,009 |  |  |  | - |  |  |  | 654,009 |  |  |
One Front Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 100.0 | % |  |  | 72.0 | % |  |  | 69.9 | % |  |  | 40,815 |  |  |  | 91.95 |  |  |  | 635,867 |  |  |  | - |  |  |  | 635,867 |  |  | JPMorgan Chase, JLL, Cigna, Eastdil Secured
| Retail |  | 100.0 | % |  |  | 89.0 | % |  |  | 89.0 | % |  |  | 1,138 |  |  |  | 94.40 |  |  |  | 13,232 |  |  |  | - |  |  |  | 13,232 |  |  | JPMorgan Chase
|  |  |  |  | 100.0 | % |  |  | 72.3 | % |  |  | 70.2 | % |  |  | 41,953 |  |  |  | 92.01 |  |  |  | 649,099 |  |  |  | - |  |  |  | 649,099 |  |  |
55 Second Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 44.1 | % |  |  | 85.0 | % |  |  | 85.0 | % |  |  | 26,326 |  |  |  | 83.72 |  |  |  | 370,613 |  |  |  | - |  |  |  | 370,613 |  |  | KPMG, Intercom, Rippling, UKG,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Alston & Bird
| Retail |  | 44.1 | % |  |  | 100.0 | % |  |  | 100.0 | % |  |  | 933 |  |  |  | 113.70 |  |  |  | 7,482 |  |  |  | - |  |  |  | 7,482 |  |  | Sutter West Bay Medical, Bluestone Lane
|  |  |  |  | 44.1 | % |  |  | 85.3 | % |  |  | 85.3 | % |  |  | 27,259 |  |  |  | 84.42 |  |  |  | 378,095 |  |  |  | - |  |  |  | 378,095 |  |  |
Market Center (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 67.0 | % |  |  | 44.8 | % |  |  | 44.8 | % |  |  | 28,204 |  |  |  | 84.82 |  |  |  | 744,432 |  |  |  | - |  |  |  | 744,432 |  |  | Mindspace, Bank of Communications,
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Crowe, Mayer Brown, Waymo
| Retail |  | 67.0 | % |  |  | 0.6 | % |  |  | 0.6 | % |  |  | 152 |  |  |  | - |  |  |  | 5,940 |  |  |  | - |  |  |  | 5,940 |  |  |
|  |  |  |  | 67.0 | % |  |  | 44.4 | % |  |  | 44.4 | % |  |  | 28,356 |  |  |  | 84.82 |  |  |  | 750,372 |  |  |  | - |  |  |  | 750,372 |  |  |
111 Sutter Street (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Office |  | 49.0 | % |  |  | 43.8 | % |  |  | 43.8 | % |  |  | 9,041 |  |  |  | 84.22 |  |  |  | 247,443 |  |  |  | - |  |  |  | 247,443 |  |  | Turo, Natural Resources Defense Council
| Retail |  | 49.0 | % |  |  | 77.8 | % |  |  | 77.8 | % |  |  | 1,577 |  |  |  | 69.18 |  |  |  | 29,155 |  |  |  | - |  |  |  | 29,155 |  |  | 24 Hour Fitness
|  |  |  |  | 49.0 | % |  |  | 47.4 | % |  |  | 47.4 | % |  |  | 10,618 |  |  |  | 81.58 |  |  |  | 276,598 |  |  |  | - |  |  |  | 276,598 |  |  |
| San Francisco: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted average |  | 75.0 | % |  |  | 74.5 | % |  | $ | 329,497 |  |  | $ | 101.95 |  |  |  | 4,316,680 |  |  |  | - |  |  |  | 4,316,680 |  |  |
| PGRE's share |  |  |  | 72.6 | % |  |  | 71.9 | % |  | $ | 177,027 |  |  | $ | 100.28 |  |  |  | 2,445,686 |  |  |  | - |  |  |  | 2,445,686 |  |  |

(1)
See page 39 for our definition of this measure.
(2)
Represents office and retail space only.
(3)
These assets have been designated as “non-core”.

- 31 -

|  | 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 |
Top 10 Tenants: |  |  | Lease |  | Square Feet |  |  | Square Feet |  |  |  |  |  | Per Square |  |  | Annualized |
As of March 31, 2025 | Property |  | Expiration |  | Occupied (2) |  |  | Occupied (2) |  |  | Amount |  |  | Foot (2) |  |  | Rent |
| JPMorgan Chase | One Front Street |  | Jun-2025 |  |  | 219,180 |  |  |  | 219,180 |  |  | $ | 19,201 |  |  | $ | 87.33 |  |  |  | 3.1 | %
|  |  |  | Jun-2027 |  |  | 18,148 |  |  |  | 18,148 |  |  |  | 1,697 |  |  |  | 93.51 |  |  |  | 0.3 | %
|  |  |  |  |  | Dec-2029 |  |  | 81,525 |  |  |  | 81,525 |  |  |  | 8,692 |  |  |  | 106.62 |  |  |  | 1.4 | %
|  |  |  |  |  | Dec-2030 |  |  | 25,157 |  |  |  | 25,157 |  |  |  | 2,478 |  |  |  | 97.91 |  |  |  | 0.4 | %
|  |  |  |  |  |  |  |  | 344,010 |  |  |  | 344,010 |  |  |  | 32,068 |  |  |  | 93.00 |  |  |  | 5.2 | %
| Norton Rose Fulbright | 1301 Avenue of the Americas |  | Mar-2032 |  |  | 111,589 |  |  |  | 111,589 |  |  |  | 10,370 |  |  |  | 92.93 |  |  |  | 1.7 | %
|  |  |  |  |  | Sep-2034 |  |  | 179,286 |  |  |  | 179,286 |  |  |  | 19,208 |  |  |  | 102.67 |  |  |  | 3.1 | %
|  |  |  |  |  |  |  |  | 290,875 |  |  |  | 290,875 |  |  |  | 29,578 |  |  |  | 98.94 |  |  |  | 4.8 | %
| Allianz | 1633 Broadway |  | Jan-2031 |  |  | 320,911 |  |  |  | 288,823 |  |  |  | 29,146 |  |  |  | 100.91 |  |  |  | 4.7 | %
| Wilson Sonsini | 1301 Avenue of the Americas |  | Aug-2025 |  |  | 61,048 |  |  |  | 61,048 |  |  |  | 6,337 |  |  |  | 103.80 |  |  |  | 1.0 | %
|  |  |  | One Market Plaza |  | Oct-2032 |  |  | 84,224 |  |  |  | 41,270 |  |  |  | 5,095 |  |  |  | 123.46 |  |  |  | 0.8 | %
|  |  |  | 31 West 52nd Street |  | Mar-2041 |  |  | 132,207 |  |  |  | 132,207 |  |  |  | 10,709 |  |  |  | 81.00 |  |  |  | 1.8 | %
|  |  |  |  |  |  |  |  | 277,479 |  |  |  | 234,525 |  |  |  | 22,141 |  |  |  | 94.41 |  |  |  | 3.6 | %
| Morgan Stanley | 1633 Broadway |  | Mar-2032 |  |  | 260,829 |  |  |  | 234,749 |  |  |  | 20,446 |  |  |  | 87.10 |  |  |  | 3.3 | %
| Warner Music Group | 1633 Broadway |  | Jul-2029 |  |  | 288,250 |  |  |  | 259,428 |  |  |  | 20,231 |  |  |  | 76.95 |  |  |  | 3.3 | %
| Showtime Networks | 1633 Broadway |  | Jan-2026 |  |  | 253,196 |  |  |  | 227,879 |  |  |  | 17,801 |  |  |  | 76.42 |  |  |  | 2.9 | %
| Google | One Market Plaza |  | Apr-2025 |  |  | 339,833 |  |  |  | 166,518 |  |  |  | 17,344 |  |  |  | 103.72 |  |  |  | 2.8 | %
| O'Melveny & Myers | 1301 Avenue of the Americas |  | Feb-2040 |  |  | 160,708 |  |  |  | 160,708 |  |  |  | 12,908 |  |  |  | 80.00 |  |  |  | 2.1 | %
| Credit Agricole | 1301 Avenue of the Americas |  | Apr-2035 |  |  | 159,308 |  |  |  | 159,308 |  |  |  | 12,024 |  |  |  | 74.06 |  |  |  | 1.9 | %

|  |  |  |  |  | PGRE's Share of |
Industry Diversification: | Square Feet |  |  | % of Occupied |  |  | Annualized |  |  | % of |
As of March 31, 2025 | Occupied |  |  | Square Feet |  |  | Rent (1) |  |  | Annualized Rent |
| Legal Services |  |  | 1,524,677 |  |  |  | 21.9 | % |  | $ | 138,878 |  |  |  | 22.5 | %
| Technology and Media |  |  | 1,418,247 |  |  |  | 20.3 | % |  |  | 122,775 |  |  |  | 19.8 | %
| Financial Services - Commercial and Investment Banking |  |  | 1,207,341 |  |  |  | 17.3 | % |  |  | 106,147 |  |  |  | 17.1 | %
| Financial Services, all others |  |  | 1,038,776 |  |  |  | 14.9 | % |  |  | 102,758 |  |  |  | 16.6 | %
| Insurance |  |  | 401,353 |  |  |  | 5.8 | % |  |  | 39,718 |  |  |  | 6.4 | %
| Retail |  |  | 164,352 |  |  |  | 2.4 | % |  |  | 19,488 |  |  |  | 3.2 | %
| Travel and Leisure |  |  | 184,073 |  |  |  | 2.6 | % |  |  | 12,610 |  |  |  | 2.0 | %
| Other Professional Services |  |  | 114,154 |  |  |  | 1.6 | % |  |  | 10,689 |  |  |  | 1.7 | %
| Accounting |  |  | 127,584 |  |  |  | 1.8 | % |  |  | 9,755 |  |  |  | 1.6 | %
| Other |  |  | 798,037 |  |  |  | 11.4 | % |  |  | 56,354 |  |  |  | 9.1 | %

(1)
See page 39 for our definition of this measure.
(2)
Represents office and retail space only.

- 32 -

|  | LEASING ACTIVITY (2)

(unaudited)

|  |  |  |  | Total |  | New York |  | San Francisco
Three Months Ended March 31, 2025 |  |  |  |  |  |  |
Total square feet leased | 283,874 |  | 278,115 |  | 5,759 |
PGRE's share of total square feet leased: |  | 186,447 |  | 184,036 |  | 2,411 |
Initial rent (1) |  | $ 76.52 |  | $ 76.22 |  | $ 98.83 |
Weighted average lease term (in years) |  | 12.9 |  | 13.1 |  | 1.9 |
Tenant improvements and leasing commissions: |  |  |  |  |  |  |
Per square foot |  | $ 177.55 |  | $ 179.71 |  | $ 12.59 |
Per square foot per annum |  | $ 13.74 |  | $ 13.75 |  | $ 6.78 |
Percentage of initial rent |  | 18.0% |  | 18.0% |  | 6.9% |
Rent concessions: |  |  |  |  |  |  |
Average free rent period (in months) |  | 12.3 |  | 12.4 |  | 1.6 |
Average free rent period per annum (in months) |  | 1.0 |  | 1.0 |  | 0.9 |
Second generation space: (1) |  |  |  |  |  |  |
Square feet |  | 81,707 |  | 80,410 |  | 1,297 |
Cash basis: |  |  |  |  |  |  |
Initial rent (1) |  | $ 79.08 |  | $ 78.41 |  | $ 120.16 |
Prior escalated rent (1) |  | $ 80.27 |  | $ 79.69 |  | $ 116.10 |
Percentage (decrease) increase |  | (1.5%) |  | (1.6%) |  | 3.5% |
GAAP basis: |  |  |  |  |  |  |
Straight-line rent |  | $ 78.48 |  | $ 77.81 |  | $ 120.16 |
Prior straight-line rent |  | $ 73.30 |  | $ 72.87 |  | $ 100.12 |
Percentage increase |  | 7.1% |  | 6.8% |  | 20.0% |

(1)
See page 39 for our definition of this measure.
(2)
The leasing statistics, except for square feet leased, represent office space only.

- 33 -

|  | 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 |  |  |  | 7,006 |  |  |  | 5,060 |  |  | $ | 556 |  |  | $ | 118.42 |  |  |  | 0.1 | %
| 2Q 2025 |  |  |  | 398,523 |  |  |  | 206,356 |  |  |  | 20,964 |  |  |  | 101.35 |  |  |  | 3.3 | %
| 3Q 2025 |  |  |  | 357,923 |  |  |  | 338,894 |  |  |  | 30,233 |  |  |  | 89.16 |  |  |  | 4.7 | %
| 4Q 2025 |  |  |  | 360,127 |  |  |  | 200,266 |  |  |  | 19,422 |  |  |  | 96.93 |  |  |  | 3.1 | %
| Total 2025 |  |  |  | 1,116,573 |  |  |  | 745,516 |  |  |  | 70,619 |  |  |  | 94.61 |  |  |  | 11.1 | %
| 1Q 2026 |  |  |  | 462,052 |  |  |  | 337,985 |  |  |  | 29,382 |  |  |  | 87.64 |  |  |  | 4.6 | %
| Remaining 2026 |  |  |  | 1,046,017 |  |  |  | 629,558 |  |  |  | 59,714 |  |  |  | 90.61 |  |  |  | 9.4 | %
| Total 2026 |  |  |  | 1,508,069 |  |  |  | 967,543 |  |  |  | 89,096 |  |  |  | 89.59 |  |  |  | 14.0 | %
|  | 2027 |  |  |  | 313,345 |  |  |  | 229,726 |  |  |  | 22,314 |  |  |  | 96.81 |  |  |  | 3.5 | %
|  | 2028 |  |  |  | 414,950 |  |  |  | 293,003 |  |  |  | 23,581 |  |  |  | 80.48 |  |  |  | 3.7 | %
|  | 2029 |  |  |  | 587,671 |  |  |  | 493,242 |  |  |  | 40,914 |  |  |  | 87.10 |  |  |  | 6.4 | %
| Thereafter |  |  |  | 5,409,119 |  |  |  | 4,473,495 |  |  |  | 388,852 |  |  |  | 89.23 |  |  |  | 61.2 | %
Total portfolio excluding non-core assets (4): |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 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 |  |  |  | 5,253 |  |  |  | 4,055 |  |  | $ | 488 |  |  | $ | 118.42 |  |  |  | 0.1 | %
| 2Q 2025 |  |  |  | 396,675 |  |  |  | 205,118 |  |  |  | 20,869 |  |  |  | 101.50 |  |  |  | 3.4 | %
| 3Q 2025 |  |  |  | 357,903 |  |  |  | 338,881 |  |  |  | 30,224 |  |  |  | 89.16 |  |  |  | 4.9 | %
| 4Q 2025 |  |  |  | 360,127 |  |  |  | 200,266 |  |  |  | 19,422 |  |  |  | 96.93 |  |  |  | 3.2 | %
| Total 2025 |  |  |  | 1,114,705 |  |  |  | 744,265 |  |  |  | 70,515 |  |  |  | 94.64 |  |  |  | 11.5 | %
| 1Q 2026 |  |  |  | 439,381 |  |  |  | 325,298 |  |  |  | 28,421 |  |  |  | 88.17 |  |  |  | 4.7 | %
| Remaining 2026 |  |  |  | 974,907 |  |  |  | 581,915 |  |  |  | 55,121 |  |  |  | 90.15 |  |  |  | 9.0 | %
| Total 2026 |  |  |  | 1,414,288 |  |  |  | 907,213 |  |  |  | 83,542 |  |  |  | 89.45 |  |  |  | 13.7 | %
|  | 2027 |  |  |  | 253,914 |  |  |  | 196,995 |  |  |  | 18,926 |  |  |  | 95.69 |  |  |  | 3.1 | %
|  | 2028 |  |  |  | 221,188 |  |  |  | 167,957 |  |  |  | 13,730 |  |  |  | 81.74 |  |  |  | 2.2 | %
|  | 2029 |  |  |  | 548,704 |  |  |  | 472,041 |  |  |  | 39,072 |  |  |  | 87.13 |  |  |  | 6.4 | %
| Thereafter |  |  |  | 5,334,341 |  |  |  | 4,427,562 |  |  |  | 385,459 |  |  |  | 89.40 |  |  |  | 63.0 | %

(1)
See page 39 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.
(4)
“Non-core” assets consist of Market Center and 111 Sutter Street.

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|  | 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 |  |  |  | 2,596 |  |  |  | 2,421 |  |  | $ | 336 |  |  | $ | - |  |  |  | 0.1 | %
| 2Q 2025 |  |  |  | 36,402 |  |  |  | 28,586 |  |  |  | 2,293 |  |  |  | 79.89 |  |  |  | 0.5 | %
| 3Q 2025 |  |  |  | 116,022 |  |  |  | 101,979 |  |  |  | 9,257 |  |  |  | 90.78 |  |  |  | 2.0 | %
| 4Q 2025 |  |  |  | 161,710 |  |  |  | 124,003 |  |  |  | 12,055 |  |  |  | 97.12 |  |  |  | 2.7 | %
| Total 2025 |  |  |  | 314,134 |  |  |  | 254,568 |  |  |  | 23,605 |  |  |  | 92.64 |  |  |  | 5.2 | %
| 1Q 2026 |  |  |  | 283,906 |  |  |  | 249,115 |  |  |  | 18,911 |  |  |  | 76.57 |  |  |  | 4.1 | %
| Remaining 2026 |  |  |  | 365,242 |  |  |  | 310,328 |  |  |  | 28,468 |  |  |  | 83.11 |  |  |  | 6.2 | %
| Total 2026 |  |  |  | 649,148 |  |  |  | 559,443 |  |  |  | 47,379 |  |  |  | 80.24 |  |  |  | 10.3 | %
|  | 2027 |  |  |  | 156,511 |  |  |  | 134,319 |  |  |  | 12,366 |  |  |  | 91.49 |  |  |  | 2.7 | %
|  | 2028 |  |  |  | 118,584 |  |  |  | 79,644 |  |  |  | 6,055 |  |  |  | 75.68 |  |  |  | 1.3 | %
|  | 2029 |  |  |  | 500,195 |  |  |  | 447,324 |  |  |  | 35,902 |  |  |  | 84.69 |  |  |  | 7.8 | %
| Thereafter |  |  |  | 4,377,139 |  |  |  | 3,954,721 |  |  |  | 332,378 |  |  |  | 86.47 |  |  |  | 72.6 | %

(1)
See page 39 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 |  |  |  | 4,410 |  |  |  | 2,639 |  |  | $ | 220 |  |  | $ | 118.42 |  |  |  | 0.1 | %
| 2Q 2025 |  |  |  | 362,121 |  |  |  | 177,770 |  |  |  | 18,671 |  |  |  | 104.82 |  |  |  | 10.5 | %
| 3Q 2025 |  |  |  | 241,901 |  |  |  | 236,915 |  |  |  | 20,976 |  |  |  | 88.47 |  |  |  | 11.8 | %
| 4Q 2025 |  |  |  | 198,417 |  |  |  | 76,263 |  |  |  | 7,367 |  |  |  | 96.64 |  |  |  | 4.1 | %
| Total 2025 |  |  |  | 802,439 |  |  |  | 490,948 |  |  |  | 47,014 |  |  |  | 95.64 |  |  |  | 26.4 | %
| 1Q 2026 |  |  |  | 178,146 |  |  |  | 88,870 |  |  |  | 10,471 |  |  |  | 118.26 |  |  |  | 5.8 | %
| Remaining 2026 |  |  |  | 680,775 |  |  |  | 319,230 |  |  |  | 31,246 |  |  |  | 97.90 |  |  |  | 17.6 | %
| Total 2026 |  |  |  | 858,921 |  |  |  | 408,100 |  |  |  | 41,717 |  |  |  | 102.28 |  |  |  | 23.4 | %
|  | 2027 |  |  |  | 156,834 |  |  |  | 95,407 |  |  |  | 9,948 |  |  |  | 104.14 |  |  |  | 5.6 | %
|  | 2028 |  |  |  | 296,366 |  |  |  | 213,359 |  |  |  | 17,526 |  |  |  | 82.27 |  |  |  | 9.9 | %
|  | 2029 |  |  |  | 87,476 |  |  |  | 45,918 |  |  |  | 5,012 |  |  |  | 108.49 |  |  |  | 2.8 | %
| Thereafter |  |  |  | 1,031,980 |  |  |  | 518,774 |  |  |  | 56,475 |  |  |  | 109.24 |  |  |  | 31.8 | %
San Francisco excluding non-core assets (4): |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 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 |  |  |  | 2,657 |  |  |  | 1,634 |  |  | $ | 152 |  |  | $ | 118.42 |  |  |  | 0.1 | %
| 2Q 2025 |  |  |  | 360,273 |  |  |  | 176,532 |  |  |  | 18,576 |  |  |  | 105.03 |  |  |  | 12.1 | %
| 3Q 2025 |  |  |  | 241,881 |  |  |  | 236,902 |  |  |  | 20,967 |  |  |  | 88.47 |  |  |  | 13.6 | %
| 4Q 2025 |  |  |  | 198,417 |  |  |  | 76,263 |  |  |  | 7,367 |  |  |  | 96.64 |  |  |  | 4.8 | %
| Total 2025 |  |  |  | 800,571 |  |  |  | 489,697 |  |  |  | 46,910 |  |  |  | 95.69 |  |  |  | 30.5 | %
| 1Q 2026 |  |  |  | 155,475 |  |  |  | 76,183 |  |  |  | 9,510 |  |  |  | 125.53 |  |  |  | 6.2 | %
| Remaining 2026 |  |  |  | 609,665 |  |  |  | 271,587 |  |  |  | 26,653 |  |  |  | 98.18 |  |  |  | 17.3 | %
| Total 2026 |  |  |  | 765,140 |  |  |  | 347,770 |  |  |  | 36,163 |  |  |  | 104.11 |  |  |  | 23.5 | %
|  | 2027 |  |  |  | 97,403 |  |  |  | 62,676 |  |  |  | 6,560 |  |  |  | 104.52 |  |  |  | 4.3 | %
|  | 2028 |  |  |  | 102,604 |  |  |  | 88,313 |  |  |  | 7,675 |  |  |  | 87.23 |  |  |  | 5.0 | %
|  | 2029 |  |  |  | 48,509 |  |  |  | 24,717 |  |  |  | 3,170 |  |  |  | 127.31 |  |  |  | 2.1 | %
| Thereafter |  |  |  | 957,202 |  |  |  | 472,841 |  |  |  | 53,081 |  |  |  | 112.70 |  |  |  | 34.5 | %

(1)
See page 39 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.
(4)
“Non-core” assets consist of Market Center and 111 Sutter Street.

- 36 -

|  | CASH BASIS CAPITAL EXPENDITURES

(1)

(unaudited and in thousands)

|  | Three Months Ended March 31, 2025 |
|  | Total (2) |  |  | New York |  |  | San Francisco (2) |  |  | Other |
Capital Expenditures (including our share of unconsolidated joint ventures): (1) |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets | $ | 12,047 |  |  | $ | 9,200 |  |  | $ | 2,832 |  |  | $ | 15 |
Second generation tenant improvements |  | 27,355 |  |  |  | 23,911 |  |  |  | 3,444 |  |  |  | - |
Second generation leasing commissions |  | 8,602 |  |  |  | 7,182 |  |  |  | 1,420 |  |  |  | - |
Total Capital Expenditures |  | 48,004 |  |  |  | 40,293 |  |  |  | 7,696 |  |  |  | 15 |
Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (5,429 | ) |  |  | (2,683 | ) |  |  | (2,746 | ) |  |  | - |
PGRE's share of Total Capital Expenditures | $ | 42,575 |  |  | $ | 37,610 |  |  | $ | 4,950 |  |  | $ | 15 |
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1) |  |  |  |  |  |  |  |  |  |  |
Other | $ | 1,290 |  |  | $ | 1,290 |  |  | $ | - |  |  | $ | - |
Total Redevelopment Expenditures |  | 1,290 |  |  |  | 1,290 |  |  |  | - |  |  |  | - |
Amounts attributable to noncontrolling interests in consolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
PGRE's share of Total Redevelopment Expenditures | $ | 1,290 |  |  | $ | 1,290 |  |  | $ | - |  |  | $ | - |
|  | Three Months Ended March 31, 2024 |
|  | Total (2) |  |  | New York |  |  | San Francisco (2) |  |  | Other |
Capital Expenditures (including our share of unconsolidated joint ventures): (1) |  |  |  |  |  |  |  |  |  |  |
Expenditures to maintain assets | $ | 10,944 |  |  | $ | 8,441 |  |  | $ | 2,478 |  |  | $ | 25 |
Second generation tenant improvements |  | 24,621 |  |  |  | 19,267 |  |  |  | 5,354 |  |  |  | - |
Second generation leasing commissions |  | 749 |  |  |  | 743 |  |  |  | 6 |  |  |  | - |
Total Capital Expenditures |  | 36,314 |  |  |  | 28,451 |  |  |  | 7,838 |  |  |  | 25 |
Amounts attributable to noncontrolling interests in consolidated joint ventures |  | (4,463 | ) |  |  | (190 | ) |  |  | (4,273 | ) |  |  | - |
PGRE's share of Total Capital Expenditures | $ | 31,851 |  |  | $ | 28,261 |  |  | $ | 3,565 |  |  | $ | 25 |
Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1) |  |  |  |  |  |  |  |  |  |  |
Paramount Club | $ | 4,208 |  |  | $ | 4,208 |  |  | $ | - |  |  | $ | - |
Other |  | 37 |  |  |  | 37 |  |  |  | - |  |  |  | - |
Total Redevelopment Expenditures |  | 4,245 |  |  |  | 4,245 |  |  |  | - |  |  |  | - |
Amounts attributable to noncontrolling interests in consolidated joint ventures |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
PGRE's share of Total Redevelopment Expenditures | $ | 4,245 |  |  | $ | 4,245 |  |  | $ | - |  |  | $ | - |

(1)
See page 39 for our definition of this measure.
(2)
Excludes Market Center and 111 Sutter Street.

- 37 -

|  | RESEARCH COVERAGE (1)

(1)

Thomas Catherwood | Steve Sakwa | Dylan Burzinski
BTIG | Evercore ISI | Green Street Advisors
(212) 738-6140 | (212) 446-9462 | (949) 640-8780
tcatherwood@btig.com | steve.sakwa@evercoreisi.com | dburzinski@greenstreet.com
Vikram Malhotra | Ronald Kamdem | Blaine Heck
Mizuho Securities USA Inc. | Morgan Stanley | Wells Fargo
(212) 282-3827 | (212) 296-8319 | (443) 263-6529
vikram.malhotra@mizuhogroup.com | ronald.kamdem@morganstanley.com | blaine.heck@wellsfargo.com
Andrew Rosivach |  |  |
Wolfe Research |  |  |
(646) 582-9250 |  |  |
arosivach@wolferesearch.com |  |  |

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

- 38 -

|  | 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. We present FFO attributable to common stockholders which represents the Company’s share of FFO, net of amounts attributable to noncontrolling interests.

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

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

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

- 39 -

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

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

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

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

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

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

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

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

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

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

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

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

Second Generation Space represents space leased in the current period (i) that has been vacant for less than twelve months, or (ii) that has been leased ahead of its originally scheduled expiration.

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

- 40 -