27 slides from Paramount Corp. Bhd's earnings presentation, Jul 31, 2025
Slide 1: Paramount Group Investor Presentation
J U LY 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 85.4 % PGRE NYSE-listed company 1978 S A M E S T O R E L E A S E D (1) New York 88.1% San Francisco 75.1% ~$7.2 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) 7.1 years Average lease term for office leases 94 % Exposure to Trophy and Class A office rental revenues with limited retail New York – 7.9 years exposure San Francisco – 4
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) 1.7% 1.7% 8.7% 9/2034(3) 290,875(3) 5.2% 1 2.2% 3.4% 25.0% 2 1/2031 288,823 5.1% 3 Various(4) 258,008(4) 4.3% 6.8% 4 Variou
Slide 7: Seasoned and Accomplished Management Team
Seasoned and Accomplished Management Team Executive Management Albert Behler Peter Brindley Ermelinda Berberi Timothy Dembo Chairman, Chief Executive Head of Real Estate Chief Financial Officer & General Counsel Officer & President Treasurer Matt Bautista David Eaton Evin Epstein Mario Fulgieri Todd
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 4,116 ksf 4000 PGRE’s share of sq. ft. of expiring leases - New York Key upcoming roll 3500 (> 50k square feet at PGRE’s share) 3000 2500 2025 Charter Communications (96 ksf) 2000 5-Year Average: 302 ksf 75.1% 1500 1000 or 5.5% per annum 2026 522 ksf 447 ksf S
Slide 10: Lease Expirations – Total Portfolio
Lease Expirations – Total Portfolio 5,000 PGRE’s share of sq. ft. of expiring leases - Portfolio 4,658 ksf 4,500 4,000 3,500 Represents lease expirations related to non-core assets 3,000 2,500 69.5% 2,000 5-Year Average: 456 ksf or 6.8% per annum 1,500 1,000 812 ksf 397 ksf 472 ksf 500 222 ksf 149 k
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 6 712 Fifth 1 2 5 Broadway Avenue 3 8 • 2.5MM sq. ft. • 0.6MM sq. ft. 6 • 92.6% leased • 70.1% leased • 27% of GAV(2) • 4% of GAV(2) New York 2 1301 Avenue of the 5 900 Third Avenue(3) 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. • 69.8% leased • 73.7% leased • 11% of GAV(2) • 2% of GAV(2) San Francisco 2 One Front Street(3) 4 55 Second Street • 0.6MM sq. ft. • 0.4MM sq. ft. 3.6 million squa
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 Debt Composition ($ in millions)(2)(3)(5) (in thousands, except per share amounts) At Green Street NAV (1) Stock Price $5.75 Secured $3,248.1 100% Common Shares 220,311 100% Unsecured Operating Partnership Units 17,876 0% Total Shares / Units Outstanding
Slide 17: Debt Maturity Schedule – as of 6/30/2025
Debt Maturity Schedule – as of 6/30/2025 (at PGRE’s share) $1,600 $1,514.9MM Weighted Average Maturity – 2.3 years 55 Second, $82.7 Weighted Average Maturity (excl. 111 Sutter Street) – 2.4 years $1,400 300 Mission, $72.2 $1,156.9MM $1,200 60 Wall Street, $31.9 31 West 52nd $500.0 $1,000 $800 $566.5
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 Six Months Ended June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 Reconciliation of net (loss) income to FFO and Core FFO: Net (loss) income $ (20,409) $
Slide 23: Reconciliation of Non-GAAP Measures: NOI
Reconciliation of Non-GAAP Measures NOI (unaudited and in thousands) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 Reconciliation of net (loss) income to NOI and Cash NOI: Net (loss) income $ (20,409) $ (2,860) $ (5,317) $ (25,726) $ 13,87
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 June 30, 2025 Total New York San Francisco Other PGRE's share of Cash NOI for the three months ended June 30, 2025 $ 82,676 $ 56,584 $ 27,891 $ (1,799) Non-same store adjus
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 June 30, 2025 Total New York San Francisco Other PGRE's share of NOI for the three months ended June 30, 2025 $ 82,361 $ 58,023 $ 26,102 $ (1,764) Non-same store adjustments: Lease t
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