Paramount : May 2024 Investor Presentation

INVESTOR PRESENTATION MAY 2024

Cautionary Note on Forward-Looking Statements

This presentation 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 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 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.

The data and information herein are as of March 31, 2024, unless otherwise indicated.

2

Table of Contents

1

2

3

4

5

6

7

Introduction to Paramount

Business Update

Balance Sheet & Capital Structure

Portfolio Composition

Paramount Club

ESG Strategy

Appendix

3

Paramount at a Glance

Paramount prides itself on being a best-in-class owner and operator of high- quality, Class A office properties in New York and San Francisco.

Ticker: PGRE	1978	13.8 MM
SQUARE FEET
NYSE-LISTED COMPANY	FOUNDED IN
(across 18 assets)	(1)

~$8.2 B (2)	$334 MM (3)	89.1%
TOTAL AUM	CASH NOI (4)	SAME STORE LEASED (4)
(across 18 assets) (1)

1. Includes 14 REIT wholly and partially owned assets aggregating 13.0 million square feet and four assets aggregating 0.8 million square feet that are managed by Paramount.
2. Calculated based on (i) Green Street's estimate of Gross Asset Value as of February 23, 2024, for REIT-owned assets, (ii) management's estimate of values for managed assets and (iii) invested and committed capital for Fund assets as of March 31, 2024.
3. Represents the midpoint of Cash NOI assumptions used in deriving the Full Year 2024 guidance as of March 31, 2024.
4. Please see Appendix for our definition of this measure.

4

Office Centric Business with High-quality Properties, Commanding Premium Rents

95%

Exposure to Trophy

and Class A office rent revenues with limited retail exposure

6.4 years

Average lease term

for office leases

New York - 7.2 years

San Francisco - 3.7 years

$89/sqft

Annualized rent

5

High Credit Quality Tenant Base

			1.
I n d u s t r y D i v e r s i f i c a t i o n - %	2.
	o f A n n u a l i z e d R e n t ( 2 )
	Other Professional		3.
	Services
Consumer Products 1.6%		4.
1.6%	Other
Travel &	8.3%		5.
Leisure
2.2%		Legal
Retail		6.
Insurance	Services
2.8%	26.1%
	6.0%		7.
	Financial Services -		8.
	Commercial and
	Investment Banking		9.
	16.2%	Technology and
		Media
		18.8%	10.
	Financial Services,
	all others
	16.4%

		PGRE's Share of
		Square Feet	% of Ann.
Top 10 Tenants	Expiration Date	Occupied(1)	Rent(2)
	Various(3)	344,010(3)	4.7%
	6/2024(4)	328,543(4)	4.5%
	1/2031	288,823	4.4%
	(5)	(5)
	9/2034	290,875	4.3%
	3/2032	234,749	3.1%
	7/2029	259,428	2.8%
	1/2026	227,879	2.7%
	4/2025	166,518	2.5%
	3/2037(6)	(6)
	183,057	2.3%
	2/2041(7)	128,769(7)	2.0%

Other Blue Chip Tenants

1. Represents office and retail space only.
2. See Appendix for our definition of this measure.
3. Includes (i) 241,854 square feet that expires in June 2025, (ii) 76,999 square feet that expires in December 2029 and (iii) 25,157 square feet that expires in December 2030.
4. Includes 105,756 square feet that has been pre-leased to Wilson Sonsini through February 2041.
5. Includes 111,589 square feet leased that expires in March 2032.
6. Includes 45,647 square feet leased that expires in May 2024.
7. Includes 61,048 square feet leased that expires in August 2025 and 41,270 square feet that expires in October 2032. Excludes 105,756 square feet of pre-leased space that is currently occupied by Clifford Chance.

6

Experienced and Diverse Management Team

Executive

Management

ALBERT BEHLER	WILBUR PAES	PETER BRINDLEY	GAGE JOHNSON	ERMELINDA BERBERI
Chairman, Chief Executive	Chief Operating Officer, Chief	Head of Real Estate	General Counsel	Chief Accounting Officer
Officer & President	Financial Officer & Treasurer

Senior

Vice

Presidents

MATT	CHRISTOPHER	DAVID	EVIN	MARIO	TODD
BAUTISTA	BRANDT	EATON	EPSTEIN	FULGIERI	JANUZZI
Construction &	Asset Management	Leasing,	Energy &	Tax & Compliance	Chief Information &
Development		San Francisco	Sustainability		Technology Officer

MAY	BERNARD	DOUGLAS	BHAVESH	RICHARD	JOSEPH
LAU	MARASCO	NEYE	RAVAL	RECZKA	SZABO
Human Resources	Counsel - Leasing &	Leasing, New York	SEC & Corporate	Acquisitions &	Property Management
	Property Management		Accounting	Capital Markets

Vice

Presidents

HOLLY	AARTI	DOUG	LAURA	TIMOTHY	MELISSA	THOMAS	SEAN
BAGLIERI	BALACHANDRAN	BARNES	DOWEK	DEMBO	GRAFFEO	HENNESSY	KIRK
Tax & Compliance	Treasury	Asset Management	Retail & Special	Legal Counsel	Property Accounting	Investor Relations &	Leasing, New York
			Projects			Business Development

AMY	NEIL	FRANK	JAMIE	ANDREW	ANDREW	CHRISTOPHER	EMILY
MONACHELLI	MORGAN	PAPANIA	PENA	PHELAN	SGRO	THOMPSON	WILLIAMS
Property Management,	Property Management,	Asset Management	Fund Accounting	Finance	Construction &	Financial Planning &	Acquisitions & Capital
New York	San Francisco				Development	Analysis	Markets

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1

Introduction to Paramount

2

3

4

5

6

7

8

Business Update

Balance Sheet & Capital Structure

Portfolio Composition

Paramount Club

ESG Strategy

Appendix

1Q24 Results and 2024 Guidance Update

	1Q24	2024 Original
	Results	Guidance
LEASING	277,000	775,000
ACTIVITY	square feet	square feet(1)

SAME STORE	Cash - (1.5%)	Cash - (5.0%)(1)
NOI	GAAP - (3.5%)	GAAP - (3.5%)(1)

SAME STORE	89.1%	87.1%(1)
LEASED %	LEASED	LEASED

CORE FFO	$0.22	$0.76(1)
PER SHARE	PER SHARE

1. Represents the midpoint of the assumptions used in our Original Guidance that we issued on February 14, 2024.
2. Represents the midpoint of the assumptions used in our Current Guidance that we issued on May 1, 2024.

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2024 Revised

Guidance

812,500

square feet(2)

Cash - (4.5%)(2) GAAP - (3.0%)(2)

87.1%(2)

LEASED

$0.78(2)

PER SHARE

Lease Expirations - Total Portfolio

5000

4500

4000

3500

3000

2500

2000

1500

1000

500

0

PGRE's Share of Sq. Ft. of Expiring Leases - Total Portfolio

4,598ksf

59.7%

5-Year Average: 655ksf

or 8.5% per annum

									1,028ksf					1,018ksf
		562ksf
					13.3%		13.2%						239ksf				265ksf
	7.3%
														3.1%							3.4%
	2024		2025		2026		2027		2028			Thereafter

Represents Lease Expirations Related to Non-Core Assets

Note: Figures do not include 6,189 s.f. of month-to-month leases at our share and existing vacant space.

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