2025 Paramount Group Investor Presentation A P R I L 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 ...

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q1 2025 was $0.36, down from $0.39 in Q1 2024, primarily due to increased net interest expense and lower rental income from property sales and lease expirations [23][24] - AFFO generated during Q1 2025 was approximately $23.5 million, consistent with previous quarters, while CapEx returned to normalized levels [24] Business Line Data and Key Metrics Changes - The company completed approximately 363,000 square feet of total leasing in Q1 2025, with about half related to new tenant leases [6][16] - Lease economics showed a 10.19% increase in rents on both cash and accrual bases for the quarter [17] Market Data and Key Metrics Changes - The occupier market recovery is ongoing, with national employers increasing in-office mandates, leading to a demand for more space [8] - National gross leasing volume slowed moderately in Q1 2025 after reaching post-pandemic highs in late 2024, with net absorption turning negative due to federal lease terminations [9] Company Strategy and Development Direction - The company has decided to suspend its dividend to fund long-term growth and retain earnings for capital expenditures related to tenant improvements and leasing commissions [12][13] - The focus remains on leasing and managing high-quality work environments, with a strong emphasis on capital deployment for leasing momentum [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding leasing prospects, with a strong pipeline of approximately 750,000 square feet executed or in legal stages [21] - The company anticipates achieving its year-end lease percentage guidance of 89% to 90% if the economic environment remains stable [22] Other Important Information - The company completed its refinancing activities, including paying off a $250 million term loan and extending a $600 million line of credit [8] - The backlog of annualized revenue from leases yet to commence increased from $46 million to $67 million [11] Q&A Session Summary Question: Inquiry about leasing pipeline and guidance maintenance - Management noted a strong leasing pipeline of approximately $750,000 square feet, with $275,000 executed in April, but maintained guidance due to macroeconomic uncertainties [29][30] Question: Clarification on the historical spread between lease percentage and economic lease percentage - Management indicated that the suspension of the dividend would provide additional cash flow for internal growth, with a focus on leasing momentum [35][36] Question: Discussion on the dividend suspension and its implications - Management explained that the decision was influenced by the need to fund leasing momentum and maintain investment-grade credit ratings, with retained earnings earmarked for leasing capital [39][40][46]

Piedmont Office (PDM) reported $142.69 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 1.3%. EPS of $0.36 for the same period compares to -$0.22 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $141.54 million, representing a surprise of +0.81%. The company delivered an EPS surprise of +2.86%, with the consensus EPS estimate being $0.35.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...