Paramount Group, Inc.

Vice President of Business Development and Investor Relations. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Before we begin, I would like to point everyone to our second quarter 2024 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 words such as will, expect, should, or other similar phrases, are subject to numerous risks and uncertainties 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 financial condition. 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. A reconciliation of these measures to the most directly comparable gap measure is available in our second quarter 2024 earnings release and our supplemental information. Hosting the call today, we have Mr. Albert Baylor, Chairman, CEO, and President of the company, Wilbur Pays, Chief Operating Officer, Chief Financial Officer, and Treasurer, and Peter Brindley, Executive Vice President and 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 20 cents per share for the second quarter in line with consensus. Operationally, we had another solid quarter of leasing activity. We executed leases of approximately 198,500 square feet bringing our year-to-date leasing volume to about 475,000 square feet. This represents our strongest second quarter and first half of leasing since 2020, demonstrating the continued strength and appeal of our high-quality portfolio. We continue to make progress on our availability in New York, where leasing activity during the quarter totaled approximately 178,000 square feet. We are particularly encouraged by the steady flow of inquiries and tours we are seeing, which we believe will continue to translate into further leasing success in the coming quarters. We are seeing strong demand from a diverse range of tenants, especially financial services and law firms. The momentum we are experiencing across our New York portfolio reinforces our confidence in the enduring appeal of high-quality, well-located office spaces in prime submarkets. I can announce that we officially opened Paramount Club at 13016 Avenue during the second quarter. This exclusive amenity offering has been extremely well received by our tenants and is proving to be a significant differentiator in the market. Paramount Club is not only enhancing the workplace experience for our existing tenants, but is also playing a crucial role in attracting new tenants to our portfolio. Our ability to attract and retain top-tier tenants is a testament to the strength of our portfolio and our team's leasing expertise. I'm also thrilled to share that on July 18th, we celebrated the grand opening of the highly anticipated Michelin star-rated Din Tai Fung restaurant. Set under the iconic glass cube in the plaza of our headquarters at 1633 Broadway, Din Tai Fung adds a new layer of excitement to our curated offerings. The buzz surrounding the opening has been tremendous, and we couldn't be happier. We invite you to visit and experience the culinary sensation firsthand. The opening of these two unique and outstanding amenities will further enhance the tenant experience and elevate our portfolio in ways that are distinguishing it for both our current tenants and prospective tenants alike. These are the types of exclusive amenities that resonate with today's discerning tenants. As a flight to quality persists, we believe our portfolio is well positioned to capture a disproportionate share of demand, driving occupancy improvement and at times allowing us to push rents across our New York portfolio. As in New York, the ongoing flight to quality in the office market continues to play to our strength in San Francisco. There we are seeing a clear preference for Class A, amenity-rich buildings in prime locations, precisely the type of assets in our portfolio. Our properties with their state-of-the-art infrastructure, large and efficient floor plates, and desirable locations are increasingly attractive to tenants seeking to upgrade their office space. The market in San Francisco remains tough, and behind New York. During the quarter, we signed approximately 20,500 square feet of leases in San Francisco, which resulted in total leases executed during the first half of the year of approximately 180,000 square feet. While leasing velocity remains below long-term averages, we are seeing some encouraging signs that demand is picking up. San Francisco remains a center for premier tech talent with high growth potential and is a clear global frontrunner for VC funding to AI companies. Our high-quality portfolio is well positioned to capture outsized market share as the recovery persists. Turning to our balance sheet, we continue to maintain a strong liquidity position with approximately $409 million in cash and restricted cash at our share, excluding non-core assets, along with the full $750 million available on our revolving credit facility. While the broader transaction market remains subdued, we are beginning to see early signs of increased activity. the volume of potential deals in the pipeline is gradually expanding, suggesting a possible shift towards a more dynamic environment in the coming year. We anticipate that the wide bid-ask spreads, which have historically kept many market participants on the sidelines, may start to converge. This could potentially unlock more transaction opportunities. Furthermore, The prolonged period of elevated interest rates may lead to an uptick in distressed assets coming to market, potentially creating attractive acquisition prospects. In this evolving landscape, we maintain our disciplined approach to capital allocation. We are strategically positioned to capitalize on external growth opportunities, particularly those in partnership with third parties where we can leverage our extensive market knowledge and disciplined investment approach. Our strong balance sheet and ample liquidity position as well to act on attractive opportunities should they arise. In closing, we had a solid performance this quarter. and remain confident in our strategy. Our high-quality assets in prime locations continue to outperform the broader market, and we are well positioned to capitalize on the ongoing flight to quality in our core markets. With that, I will turn the call over to Peter.