Paramount Group, Inc.

Thank you, Operator, and good morning, everyone. Before we begin, I would like to point everyone to our fourth quarter 2023 earnings release and supplemental information, which were released yesterday. Both can be found under the heading Financial Results in the Investors section of the Paramount Group website at www.pgre.com. Some of our comments will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of the words such as will, expect, should, or other similar phrases, are subject to numerous risks and uncertainty that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and the financial conditions. During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. The reconciliation of these measures to the most directly comparable GAAP measure is available in our fourth quarter 2023 earnings release and our supplemental information. Hosting the call today, we have Mr. Albert Baylor, Chairman, Chief Executive Officer and President of the company, Wilbur Pays, Chief Operating Officer, Chief Financial Officer and Treasurer, and Peter Brindley, Executive Vice President, Head of Real Estate. Management will provide some opening remarks, and we will then open the call to questions. With that, I will turn the call over to Albert.

Thank you, Tom, and thank you all for joining us today. Yesterday, we reported core FFO of 21 cents per share for the fourth quarter, bringing our total for the year to 87 cents per share, the high end of our most recent guidance range. We leased 174,000 square feet in the fourth quarter. bringing the full year leasing volume to 740,000 square feet, roughly in line with midpoint of our guidance that was established at the beginning of 2023. Today, we are initiating 2024 core FFO per share guidance with a range between 73 and 79 cents per share, and the leasing guidance range between 650,000 and 900,000 square feet. Wilbur will review our financial results and guidance in greater detail. 2023 was an eventful year for Paramount. We began the year in rising interest rate environment and one with elevated inflation. We had the regional bank crisis early in the year in which two of our key tenants SBB Securities and First Republic, who also happened to be our largest tenant, failed. We worked diligently to make good for a bad situation, and we did. We negotiated with JPMorgan Chase to assume 75% of space that was leased by First Republic under the same economic terms The remaining 25 percent that they didn't assume was because it wasn't utilized in the large portion for sublease to other tenants. We then entered into a direct lease with the subtenants for most of the remaining space. All said, we took a potential $43 million problem and mitigated it down to $5 million. Concurrently with that negotiation in San Francisco, we also negotiated a new lease with the entity acquiring substantially all of the assets of SVB securities. The new entity retained about 62% of the space previously leased by SVB securities on a long-term basis and kept the remaining 38% on a short-term basis. We focused on protecting our balance sheet by making strategic decision on which debt maturities we sought to extend, where modest debt paid down to new or favorable interest rates and extended terms made sense, like at 300 Mission Street, and where investing additional capital to support the asset didn't make sense, like at 111 Santa Street. We deployed capital into Paramount Club our 32,000 square foot state-of-the-art amenity center that will serve the Paramount campus. Paramount Club is set to open this spring, and it already served as a magnet in attracting our New York's most discerning tenants. We also reduced our dividend, enabling us to retain an additional $40 million in cash annually. Now, with 2023 behind us, we will carry that momentum into 2024, where our primary focus in 2024 will undoubtedly be on leasing. Our lease expiration profile over the next couple of years is elevated, and our goal is simple. De-risk the role. The biggest expiration in 2024 This Clifford Chance is 329,000 square feet, leased at 31 West, which is set to expire at the end of May. As you know, we have already de-risked 106,000 square feet, or over 32% of this space, and we are underway in dealing with the remaining availability. Peter will provide additional color on this in our leasing pipelines. Though headline vacancy rates in Manhattan remain elevated, it's important to understand each submarket and the quality of the assets within each submarket as variations can be pronounced. For instance, the Sixth Avenue submarket is among the lowest overall availability rates, over 500 basis points lower than the overall Midtown office market. We have continued to capture more than our fair share of demand in this corridor where a majority of our assets sit, and that is demonstrated by the same store least occupancy rate of our New York portfolio, which is at 90.2%. The bulk of our current availabilities also happen to be on assets in this corridor. and we are poised to continue to capture more than our fair share in 2024. We believe this is to be reflective of the quality of our assets and our ability to execute in all different types of competitive market environments. We are confident that we will continue to benefit from the ongoing demand for high-quality office space in the Sixth Avenue corridor. In San Francisco, the market continues to lag. Although there are green shoots in the form of record venture capital funding, AI-based leasing demand, and an improving return to the office statistics. We are long-term believers in the San Francisco market, and our focus here will be to remain a core portfolio of assets in this market that will flourish as the market recovers. Just last week, we announced the modification and extension of the loan at One Market Plaza, wherein we paid down less than 13% of the principal balance of the loan in return for a three-year extension and a favorable interest rate. One Market Plaza continues to raise the bar in San Francisco. In 2023, we signed two leases over $130 per square foot, and the asset is currently 94.7 percent least. Turning to the transaction market, activity remains muted. However, we anticipate that 2024 will see increased activity. We believe the number of distressed assets coming to market will rise, and once interest rates begin to decline, as many expect, bid-ask spreads will begin to narrow. That said, equity markets have remained volatile and there have been very few high quality assets brought to the market. As always, we will be strategic and disciplined in allocating capital towards external growth opportunities. Lastly, we are very proud of the remarkable progress we made in our sustainability initiatives this year. Our dedication to sustainability and ESG as a whole is one of our fundamental operating tenants. We are leaders in the field, and we know that this has not only enabled us to reduce operating expenses, secure high-quality tenants, and ultimately increase portfolio value, but also minimize the environmental footprint we leave behind. For this reason, we were honored to receive the 2023 Energy Star Partner of the Year Award for the second consecutive year with Energy Star labels for 100% of our portfolio. Additionally, we earned a five-star rating in the 2023 Grasby Real Estate Assessment for the fifth year in a row. We aim to build on these impressive achievements in 2024 as ESG will remain a priority in how we run our business. To close, our priorities for 2024 are clear. We are laser focused on the lease up of our available space. With our portfolio of stable trophy assets and our proven ability to allocate capital, we remain well positioned for the long term. With that, I will turn the call over to Peter.

Thanks, Albert, and good morning. During the fourth quarter, we leased approximately 174,000 square feet with approximately 139,000 square feet leased in New York and approximately 35,000 square feet in San Francisco. The weighted average term of leases signed during the quarter was 10.2 years. During the fourth quarter, we signed a 49,000 square foot lease with Major League Baseball Players Association at 1325 Avenue of the Americas for an initial term of approximately 17 years. We also signed a 41,000 square foot lease with Smith Gambrell and Russell, a leading law firm, for a term of approximately 11 years. Smith Gambrell will relocate within 1301 Avenue of the Americas and expand their footprint by approximately 40%. These transactions demonstrate our ability to attract and retain high quality tenants in our Midtown portfolio and serve as two good examples of tenants expanding their existing footprint, a trend we are seeing more than our own pipeline, particularly in New York. For the full year, we leased approximately 740,000 square feet for a weighted average lease term of 9.6 years. Tenants continue to prioritize the highest quality assets in our two markets, choosing to pursue well-located, amenity-rich buildings run by best-in-class, well-regarded owners. Our portfolio is uniquely positioned to capitalize on these pronounced trends. We remain laser focused on delivering exceptional services and executing on our business plan. At quarter end, our same-store portfolio-wide leased occupancy rate at share was 87.7%, down 40 basis points from last quarter and down 360 basis points year over year. As we look ahead, our 2024 lease expirations are manageable with 9.8% of annualized rent or approximately 764,000 square feet as share expiring by year end. Our focus for 2024 is the renewal of tenants in our portfolio with expirations over the next several years and the lease up of currently vacant or soon to be vacant spaces. Our pipeline continues to strengthen We currently have leases in negotiation and proposals in advanced stages for more than 300,000 square feet, a good portion of which is for vacant or soon-to-be-vacant space. Beyond the 300,000 square feet, we have a healthy and growing pipeline with ongoing negotiations at various stages. Turning to our markets. Midtown's fourth quarter leasing activity of approximately 4.3 million square feet, excluding renewals, was up 49% quarter-over-quarter and 29% ahead of the five-year quarterly average. While availability in Midtown remains elevated at 18%, select submarkets in Midtown's core have far less availability, hovering at or close to equilibrium. The result of this has been improved economics in premier buildings, particularly on upper floors in the sought after sub markets. Absorption in Midtown was positive during the fourth quarter and positive for the full year. First full year of positive absorption in Midtown since 2018. This was driven by leasing activity, largely by the financial services industry, and by space withdrawals attributable to building purchases and residential conversions. Tour activity in our New York portfolio continues to increase as does our pipeline of prospective tenants. most notably for the remaining vacancy at 1301 Avenue of the Americas and the block of space we are currently marketing at 31 West 52nd Street. At 1301 Avenue of the Americas, our market-leading amenity center is set to open in May 2024, and it continues to be a differentiator in our pursuit of leading companies. Our New York portfolio is currently 90.2% leased on a same-store basis at Share. down 20 basis points quarter over quarter, and down 190 basis points year over year. During the fourth quarter, we leased approximately 139,000 square feet with a weighted average term of 12.4 years with an initial rent of approximately $78 per square foot. In New York, lease expirations during 2024 will be 10% of annualized rent, or approximately 572,000 square feet as share, driven largely by the known move out of Clifford Chance at 31 West 52nd Street. Shifting our focus to San Francisco. San Francisco recorded 1.5 million square feet of leasing during the fourth quarter, up 25% above the pandemic era quarterly average, but 34.8% below the quarterly average during the preceding 10 year period. For the full year, leasing activity in San Francisco remained muted with very little demand coming from the traditional technology companies. Despite a lackluster year of leasing transactions, we are optimistic that San Francisco remains a hotbed for premier tech talent with high growth potential. Return to office continues to accelerate, and San Francisco-based companies, particularly AI-based companies, continue to attract significant venture capital funding. As a result, total square footage of tenants in the market continues to increase, moving closer to San Francisco's historical average. AI-based companies contributed to approximately 25% of the leasing activity in 2023 and have become an increasingly large percentage of the demand pipeline in San Francisco, pursuing space of varying sizes in San Francisco's premier buildings. At year end, our San Francisco portfolio was 80.8% leased on a same-store basis at share, down 120 basis points quarter over quarter, and down 810 basis points year over year, driven by the known move out of Uber, which we have partially backfilled with the previously announced Waymo lease. Looking ahead, our San Francisco portfolio has 9.3% of annualized rent, or approximately 192,000 square feet at share, expiring by year end. We look forward to updating you on our progress. With that summary, I will turn the call over to Wilbur, who will discuss the financial results.