27 slides from Paramount Corp. Bhd's investor presentation, May 1, 2025
Slide 1: Paramount Group Investor Presentation
APRIL Paramount Group 2025 Investor Presentation
Slide 2: Cautionary Note on Forward-Looking Statements
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” a
Slide 3: Table of Contents
Table of Contents 1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 3
Slide 4: Paramount at a Glance
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 FOUNDED 86.2 % PGRE NYSE-listed company 1978 S A M E S T O R E L E A S E D (1) New York 87.4% San Francisco 82.3% ~$7.5 billion (
Slide 5: Modern and Well Amenitized High-Quality Office Properties, Commanding Premium Rents
Modern and Well Amenitized High-Quality Office Properties, Commanding Premium Rents $90/sqft Annualized rent (at PGRE’s share) 6.6 years Average lease term for office leases 94 % Exposure to Trophy and Class A office rental revenues with limited retail New York – 7.7 years exposure San Francisco – 3
Slide 6: High Credit Quality Tenant Base
High Credit Quality Tenant Base Industry Diversification – % of annualized rent (2) PGRE’s share of Square feet % of annual Top 10 tenants Expiration date occupied (1) rent (2) 1.6% 1.7% 9.1% Various(3) 344,010(3) 5.2% 1 2.0% 22.5% 3.2% 2 9/2034(4) 290,875(4) 4.8% 3 1/2031 288,823 4.7% 6.4% 4 Variou
Slide 7: Seasoned and Accomplished Management Team
Seasoned and Accomplished 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 & Treasur
Slide 8: Business Update
1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 8
Slide 9: Lease Expirations – by Business Segment
Lease Expirations – by Business Segment 4000 PGRE’s share of sq. ft. of expiring leases - New York 3,955 ksf Key upcoming roll 3500 (> 50k square feet at PGRE’s share) 3000 2025 2500 Charter Communications (96 ksf) 2000 Wilson Sonsini (61 ksf) 1500 5-Year Average: 311ksf or 5.7% per annum 72.8% 2026
Slide 10: Lease Expirations – Total Portfolio
Lease Expirations – Total Portfolio 5000 PGRE’s share of sq. ft. of expiring leases - Portfolio 4,473 ksf 4500 4000 62.1% 3500 3000 2500 5-Year Average: 575ksf 2000 or 8.0% per annum 1500 968 ksf 1000 746 ksf 493 ksf 500 13.4% 293 ksf 10.4% 230 ksf 6.8% 3.2% 4.1% 0 2025 2026 2027 2028 2029 Thereafte
Slide 11: Portfolio Composition
1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 11
Slide 12: Irreplaceable Portfolio of Class A/Trophy Assets: New York
Irreplaceable Portfolio of Class A/Trophy Assets: New York 4 1 1633 5 900 Third 1 2 6 Broadway Avenue(3) 3 8 • 2.5MM sq. ft. • 0.6MM sq. ft. 5 • 92.6% leased • 90.2% leased • 24% of GAV(2) • 4% of GAV(2) New York 2 1301 Avenue of the 6 712 Fifth Avenue Americas • 0.6MM sq. ft. 8.7 million square fee
Slide 13: Irreplaceable Portfolio of Class A/Trophy Assets: San Francisco
Irreplaceable Portfolio of Class A/Trophy Assets: San Francisco 1 One Market 3 300 Mission Plaza Street • 1.6MM sq. ft. • 0.7MM sq. ft. • 90.1% leased • 81.4% leased • 10% of GAV(2) • 2% of GAV(2) San Francisco 2 One Front Street 4 55 Second Street • 0.6MM sq. ft. • 0.4MM sq. ft. 4.3 million square
Slide 14: Fund & Managed Assets
Fund & Managed Assets 1 718 Fifth 3 700 Eighth Avenue Avenue • 19K sq. ft. • 26K sq. ft. • New York • New York 2 745 Fifth 4 CNBB Avenue • 225K sq. ft. • 535K sq. ft. • Washington, • New York D.C. Fund & Managed Assets 0.8 million square feet 14
Slide 15: Balance Sheet & Capital Structure
1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 15
Slide 16: Capital Structure Overview
Capital Structure Overview Capital Structure Proforma Liquidity ($ in millions)(4)(5) (in thousands, except per share amounts) At Green Street NAV (1) $699.3 Stock Price $5.50 Common Shares 219,225 $499.3 Operating Partnership Units 18,785 Total Shares / Units Outstanding 238,010 $200.0 Equity Marke
Slide 17: Debt Maturity Schedule – as of 3/31/2025 (at PGRE’s share)
Debt Maturity Schedule – as of 3/31/2025 (at PGRE’s share) $1,600 $1,514.8MM Weighted Average Maturity – 2.4 years 55 Second, $82.7 Weighted Average Maturity (excl. non-core assets) – 2.6 years $1,400 300 Mission, $72.2 $1,156.3MM $1,200 60 Wall Street, $31.3 31 West 57th $500.0 $1,000 $800 $600 $56
Slide 18: Sustained Corporate Responsibility
1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 18
Slide 19: Corporate Responsibility Initiatives
Corporate Responsibility Initiatives Paramount continues to be an industry leader in sustainability initiatives. Success in this space has helped us: • Manage operating costs, • Attract and retain premium tenants, and ultimately • Enhance portfolio value. Pursuing sustainability initiatives has posi
Slide 20: Corporate Responsibility Highlights
Corporate Responsibility Highlights 100% 5 Stars LEED Platinum or Gold certified Highest GRESB accolade for the sixth consecutive year 100% “A” Rating 2024 ENERGY STAR labeled Highest score on GRESB Public Disclosure assessment 100% 8 Years Fitwel rated Average tenure across the total organization 1
Slide 21: Appendix
1 Introduction to Paramount 2 Business Update 3 Portfolio Composition 4 Balance Sheet & Capital Structure 5 Sustained Corporate Responsibility 6 Appendix 21
Slide 22: Reconciliation of Non-GAAP Measures: FFO
Reconciliation of Non-GAAP Measures 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 depreciatio
Slide 23: Reconciliation of Non-GAAP Measures: NOI
Reconciliation of Non-GAAP Measures 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
Slide 24: Reconciliation of Non-GAAP Measures: Same Store Cash NOI
Reconciliation of Non-GAAP Measures 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 adj
Slide 25: Reconciliation of Non-GAAP Measures: Same Store NOI
Reconciliation of Non-GAAP Measures 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
Slide 26: Appendix: Definitions
Appendix: Definitions Annualized Rent represents the end of period Core Funds from Operations (“Core FFO”) is an Net Operating Income (“NOI”) is used to measure monthly base rent plus escalations in accordance with alternative measure of our operating performance, the operating performance of our pr
Slide 27: Appendix: Definitions Continued
Appendix: Definitions C O N T I N U E D Adjusted EBITDAre is a supplemental measure that PGRE’s Share of Cash and Cash Equivalents and Same Store Leased % represents percentage of is calculated by adjusting EBITDAre to eliminate the Restricted Cash represents our share of cash and square feet that i