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SCHEDULE WITH ADJUSTMENTS
Adjusted Statement of Operations
For the Nine Months Ended September 30, 2025
(in thousands)  

 
($ in thousands)Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Revenues:
Rental revenue$511,741 $1,923 $513,664 
Fee and other income25,282 (17,047)8,235 
Total revenues537,023 (15,124)521,899 
Expenses:
Operating232,326 11,221 243,547 
Depreciation and amortization176,707 (3,228)173,479 
General and administrative58,112 (58,112)— 
Transaction related costs10,840 (10,840)— 
Total expenses477,985 (60,959)417,026 
Other income (expense):
Loss from real estate related fund investments(67)67 — 
Income (loss) from unconsolidated real estate related funds(79)79 — 
Income (loss) from unconsolidated joint ventures2,620 (2,619)1 
Interest and other income, net10,953 (6,375)4,578 
Interest and debt expense(129,903)2,233 (127,670)
(Loss) income before income taxes(57,438)39,220 (18,218)
Income tax benefit (expense)1,430 (1,439)(9)
Net (loss) income(56,008)37,781 (18,227)
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures(5,095)— (5,095)
Consolidated real estate related funds(2,556)2,556 — 
Operating Partnership4,901 (4,901)— 
Net (loss) income attributable to common stockholders$(58,758)$35,436 $(23,322)
(A)Adjustments consist of exclusion of financial results relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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SCHEDULE WITH ADJUSTMENTS
Adjusted Statement of Operations
For the Year Ended December 31, 2024
(in thousands)  

 
($ in thousands)Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Revenues:
Rental revenue$721,750 $2,218 $723,968 
Fee and other income35,701 (24,312)11,389 
Total revenues757,451 (22,094)735,357 
Expenses:
Operating303,278 17,836 321,114 
Depreciation and amortization239,542 (4,821)234,721 
General and administrative66,333 (66,333)— 
Transaction related costs923 (923)— 
Total expenses610,076 (54,241)555,835 
Other income (expense):
Loss from real estate related fund investments(128)128 — 
Income (loss) from unconsolidated real estate related funds273 (273)— 
Income (loss) from unconsolidated joint ventures(47,359)47,360 1 
Interest and other income, net30,455 (25,022)5,433 
Interest and debt expense(166,952)3,045 (163,907)
(Loss) income before income taxes(36,336)57,385 21,049 
Income tax benefit (expense)(2,058)1,958 (100)
Net (loss) income(38,394)59,343 20,949 
Less net (income) loss attributable to noncontrolling interests in:
Consolidated joint ventures(22,462)— (22,462)
Consolidated real estate related funds10,292 (10,292)— 
Operating Partnership4,276 (4,276)— 
Net (loss) income attributable to common stockholders$(46,288)$44,775 $(1,513)
(A)Adjustments consist of exclusion of financial results relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.

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SCHEDULE WITH ADJUSTMENTS
Adjusted Balance Sheet
As of September 30, 2025
(in thousands)
 
($ in thousands)Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Assets
Real estate, at cost
Land$1,966,237 $— $1,966,237 
Buildings and improvements
6,384,243 (33,686)6,350,557 
8,350,480 (33,686)8,316,794 
Accumulated depreciation and amortization(1,737,783)12,284 (1,725,499)
Real estate, net6,612,697 (21,402)6,591,295 
Cash and cash equivalents330,207 (156,197)174,010 
Restricted cash324,150 (9,060)315,090 
Accounts receivable and other receivables26,582 (9,266)17,316 
Investments in unconsolidated real estate related funds4,416 (4,416)— 
Investments in unconsolidated joint ventures81,509 (73,735)7,774 
Deferred rent receivable352,906 (366)352,540 
Deferred charges, net126,587 (246)126,341 
Intangible assets, net41,093 — 41,093 
Other assets74,348 (32,323)42,025 
Total assets$7,974,495 $(307,011)$7,667,484 
Liabilities and Equity
Notes and mortgages payable, net$3,711,504 $— $3,711,504 
Accounts payable and accrued expenses138,689 (26,211)112,478 
Intangible liabilities, net of accumulated amortization16,541 — 16,541 
Other liabilities31,473 (24,683)6,790 
Total liabilities3,898,207 (50,894)3,847,313 
Commitments and Contingencies
Paramount Group, Inc., equity:
Common stock2,219 (2,219)— 
Additional paid-in-capital4,086,243 (4,210,824)(124,581)
Earnings less than distributions(1,064,525)4,264,464 3,199,939 
Accumulated other comprehensive income— — — 
Paramount Group, Inc., equity3,023,937 51,421 3,075,358 
Noncontrolling interests in:
Consolidated joint ventures744,813 — 744,813 
Consolidated real estate related funds85,431 (85,431)— 
Operating Partnership222,107 (222,107)— 
Total equity4,076,288 (256,117)3,820,171 
Total liabilities and equity$7,974,495 $(307,011)$7,667,484 
(A)Adjustments consist of exclusion of assets not acquired and liabilities not assumed relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.


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SCHEDULE WITH ADJUSTMENTS
Adjusted Balance Sheet
As of December 31, 2024
(in thousands)
 
($ in thousands)Paramount Group, Inc., as filed
Adjustments(A)
The Portfolio
Assets
Real estate, at cost
Land$1,966,237 $— $1,966,237 
Buildings and improvements
6,325,097 (32,564)6,292,533 
8,291,334 (32,564)8,258,770 
Accumulated depreciation and amortization(1,639,529)9,975 (1,629,554)
Real estate, net6,651,805 (22,589)6,629,216 
Cash and cash equivalents375,056 (228,555)146,501 
Restricted cash180,391 (18,272)162,119 
Accounts receivable and other receivables18,229 (2,091)16,138 
Investments in unconsolidated real estate related funds4,649 (4,649)— 
Investments in unconsolidated joint ventures85,952 (77,791)8,161 
Deferred rent receivable356,425 — 356,425 
Deferred charges, net100,684 (2,924)97,760 
Intangible assets, net50,492 — 50,492 
Other assets47,820 (35,801)12,019 
Total assets$7,871,503 $(392,672)$7,478,831 
Liabilities and Equity
Notes and mortgages payable, net$3,676,630 $— $3,676,630 
Accounts payable and accrued expenses119,881 (14,407)105,474 
Intangible liabilities, net of accumulated amortization20,870 — 20,870 
Other liabilities44,625 (39,006)5,619 
Total liabilities3,862,006 (53,413)3,808,593 
Commitments and Contingencies
Paramount Group, Inc., equity:
Common stock2,175 (2,175)— 
Additional paid-in-capital4,144,301 (4,145,401)(1,100)
Earnings less than distributions(1,005,627)4,180,806 3,175,179 
Accumulated other comprehensive income428 391 819 
Paramount Group, Inc., equity3,141,277 33,621 3,174,898 
Noncontrolling interests in:
Consolidated joint ventures495,340 — 495,340 
Consolidated real estate related funds82,875 (82,875)— 
Operating Partnership290,005 (290,005)— 
Total equity4,009,497 (339,259)3,670,238 
Total liabilities and equity$7,871,503 $(392,672)$7,478,831 
(A)Adjustments consist of exclusion of assets not acquired and liabilities not assumed relating to 60 Wall Street, 55 Second Street, 111 Sutter Street, 745 Fifth Avenue, Oder-Center, Fund VII, Fund VIII, Fund X, Fund X-ECI, RDF and all management entities, which are included in the consolidated financial statements of Paramount Group, Inc.


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