PLBY · Playboy, Inc.

Playboy Enterprises, Inc., through its wholly-owned subsidiary PEI, secured the entire sixth floor office space at 1691 Michigan Ave, Miami Beach, FL by amending its existing lease for most of the floor and adding a new lease for the remainder. The amendments defer delivery and rent commencement to January 1, 2027, providing significant rent abatement through July 31, 2027 for the original premises and through February 2027 for the additional space, which reduces near-term cash outflows while locking in long-term occupancy through November 30, 2037. Post-abatement, the original premises carry base rent starting at $105 per RSF annually (monthly $176,478.75), escalating annually to $134.41 per RSF by 2037, while the additional 5,696 RSF starts at $49,840 monthly from March 2027. The $600,000 letter of credit for the new lease represents a modest security commitment. Cross-default provisions link the leases, and view protection covenants with rent reduction remedies add tenant safeguards. Assignment restrictions ensure financial stability of any transferee. This consolidates PEI's Miami Beach headquarters with favorable deferred costs and renewal options, supporting operational continuity.