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Investor Presentaiton

Reconciliation of Non-GAAP Measures (unaudited and in thousands) December 31, 2023 Three Months Ended December 31, 2022 September 30, 2023 Year Ended December 31, 2023 December 31, 2022 Reconciliation of net loss to NOI and Cash NOI: Net loss $ (271,727) (39,581) $ (25,061) $ (371,303) $ (28,197) Add (subtract) adjustments to arrive at NOI and Cash NOI: Depreciation and amortization 68,866 61,211 60,263 250,644 232,517 General and administrative 15,679 13,986 15,460 61,986 59,487 Interest and debt expense 40,550 37,060 39,102 152,990 143,864 Income tax expense 302 1,706 263 1,426 3,265 Loss (income) from real estate related fund investments 59,341 2,233 (2,060) 96,375 2,233 NOI from unconsolidated joint ventures (excluding One Steuart Lane) 7,026 10,782 9,233 37,360 45,141 Loss from unconsolidated joint ventures Fee income Interest and other income, net Other, net NOI (1) Less NOI attributable to noncontrolling interests in: Consolidated joint ventures PGRE's share of NOI (¹) 207,160 37,925 28,974 270,298 53,251 (7,491) (5,327) (4,573) (21,597) (28,421) (4,830) (2,567) (4,115) (14,837) (5,174) 54 1,953 853 1,244 1,709 114,930 119,381 118,339 464,586 479,675 (22,397) (19,247) (22,275) (89,948) (82,587) $ 92,533 $ 100,134 $ 96,064 $ 374,638 $ 397,088 NOI 114,930 119,381 118,339 464,586 479,675 Add (subtract) adjustments to arrive at Cash NOI: Straight-line rent adjustments (including our share of unconsolidated joint ventures) (4,476) (5,746) (1,514) (6,166) (14,034) Amortization of above and below-market leases, net (1) (including our share of unconsolidated joint ventures) Cash NOI (1,912) (1,984) (2,110) (8,099) (5,099) 108,542 111,651 114,715 450,321 460,542 Less Cash NOI attributable to noncontrolling interests in: Consolidated joint ventures (20,737) (16,147) (20,520) (80,809) (77,341) (1) PGRE's share of Cash NOI $ 87,805 $ 95,504 $ 94,195 $ 369,512 $ 383,201 (1) Please see Appendix for our definition of this measure. 41 NOI PARAMOUNT GROUP
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