Paramount Group, Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Paramount Group third quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note that this conference call is being recorded today, October 31st, 2024. I'll now turn the call over to Tom Hennessey, Vice President of Business Development and Investor Relations. Thank you. You may begin.

Thank you, operator, and good morning, everyone. Before we begin, I would like to point everyone to our third quarter 2024 earnings release and supplemental information, which were released yesterday. Both can be found under the heading financial results in the investor 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 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. A reconciliation of these measures to the most directly comparable GAAP measure is available in our third quarter 2024 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. Good morning, everyone.

Thank you for joining our call today. Yesterday, we released our third quarter results, reporting core FFO of 19 cents per share, a penny above consensus. In the third quarter, we leased 179,000 square feet, bringing our year-to-date total to 655,000 square feet leased. We are now trending ahead of most of the goals that we had established at the beginning of the year. In New York, we leased 72,000 square feet in the third quarter. While our third quarter leasing in New York was trailing that of the previous two quarters, the pipeline, which Peter will cover in a few minutes, is robust. And most of the leasing we expect to complete in the fourth quarter will be in New York. We are seeing good interest from a wide array of tenants, especially financial services and law firms. This demand reaffirms our conviction of the long-term appeal of high-quality, strategically located office spaces in New York's core submarket. The Paramount Club at 13016 Avenue, which we unveiled last quarter, has been receiving exceptional reviews from our tenants, prospective tenants, and brokers alike. This bespoke amenity has quickly become a key differentiator enhancing our ability to both retain existing tenants and attract new ones. The enthusiastic reception it has received validates our investment in creating unique tenant-focused spaces. I'm also happy to report on the tremendous success of Din Tai Fung, the Michelin-starred restaurant that opened in July beneath the iconic glass cube at 1633 Broadway. In addition to Din Tai Fung, we also welcomed the Italian bakery Rosetta and signed the lease on the last remaining retail space with La Pecora Bianca, a vibrant Italian restaurant at 1633 Broadway. These carefully curated amenities have generated significant buzz, adding a new dimension of energy and sophistication to our headquarters. All these unique offerings are elevating our portfolio, setting us apart in a highly competitive market. As businesses continue to gravitate towards the highest quality of office spaces, we are confident our properties are well positioned to meet this demand, driving occupancy improvement and leasing rates across our New York assets. Shifting to San Francisco. As you will recall from our last earnings call, we indicated that JP Morgan was unlikely to renew the majority of their space at one front street that was set to expire in 2025. In the third quarter, JP Morgan renewed approximately 10% of their 2025 expiry. While we are all disappointed with the outcome of their near-term expiration, JP Morgan will continue to have a significant presence at one front with about 125,000 square feet, post its 2025 expiry. One Front Street is a terrific asset at one of the finest locations in San Francisco's CBD. We are now in the early planning stages of repositioning the asset with a reimagined ground floor experience and various added amenities, all in an effort to return One Front to being among the top 15 office buildings in San Francisco. We look forward to sharing more details around our plans in the upcoming quarters. While the San Francisco leasing market remains challenging, we continue to make progress on our business plan. This quarter we leased approximately 107,000 square feet, bringing our year-to-date total to 287,000 square feet leased. Most of the leasing in San Francisco continues to be renewal-based and for shorter terms. That said, the flight to quality remains prevalent, and San Francisco's position as a hub of tech innovation and its leadership in AI-focused venture capital funding underscore its potential for recovery. We are confident our portfolio is well suited to capitalize on these trends. Turning to our balance sheet, it remains robust with approximately $412 million in cash and restricted cash. In an effort to maintain the utmost financial flexibility, our board suspended our regular quarterly dividend. This was a carefully considered decision, aimed at enhancing our financial resilience, retaining an excess of $30 million in cash on an annualized basis. The broader real estate transaction market, while still subdued, is showing signs of revival. We are seeing an uptick in potential deals which could signal a more active market in the coming year. The persistent gap between buyer and seller expectations is beginning to narrow, potentially unlocking more opportunities. In this evolving landscape, we remain committed to our disciplined approach to capital allocation. Our strong financial position enables us to act swiftly on attractive opportunities, particularly those involving strategic partnerships where we can leverage our market expertise. With that, I'll hand over to Peter.