Paramount Group, Inc.

will follow the formal presentation. Please note that this conference call is being recorded today, July 31st, 2025. I will now turn the call over to Tom Hennessey, the Vice President of Business Development and Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Before we begin, I would like to point everyone to our second quarter 2025 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 .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 second quarter 2025 earnings release and our supplemental information. Before we begin our prepared remarks, I want to briefly address an initiative we announced shortly after our last call. In May, our board of directors initiated a review of strategic alternatives to maximize shareholder value. That review remains active and we will provide updates when appropriate. However, given the ongoing nature of the review, we will not be commenting further or taking questions on the matter today. We appreciate your understanding and respect for the confidentiality and integrity of the review. With those ground rules in place, let's turn attention back to the main agenda and introduce today's speakers. Hosting the call today, we have Mr. Albert Baylor, chairman, chief executive officer and president of the company, Peter Brinley, executive vice president, head of real estate, and Linda Burberry, executive vice president, chief financial officer and treasurer. 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. Good morning, everyone. We delivered a strong second quarter of his core FFO of 17 cents per share, exceeding consensus by three cents. The results were driven by robust leasing activity, continued operational discipline, and a focused approach to capital allocation. Our performance reflects the strength of our Class A portfolio, the resilience of our markets, and the depth and execution excellence of our team. The key driver of that momentum is leasing. We executed over 400,000 square feet of leases in the quarter, our highest quarterly total since 2019. This brings our year to date total to approximately 690,000 square feet. Notably, leasing this quarter was well balanced across our two markets, with 52% in New York and 48% in San Francisco. That's a meaningful shift from recent quarters, where activity was more concentrated in New York. This balanced performance highlights the continued strength in New York and the growing traction we are seeing in San Francisco and the broad-based appeal of our portfolio. It also speaks to the tireless efforts of our leasing team, the enduring quality of our assets, and the sustained demand for high quality space in premier sub-markets. Our pipeline remains in good shape, and we are well positioned to carry this strength through the second half of the year. As a result of our strong first half performance and the momentum we are seeing across the business, we are raising full year guidance across all key metrics, including core FFO, leasing volume, cash NOI, and year-end lease occupancy. Let me now turn to our markets, starting with New York. The city continues to demonstrate remarkable strengths and depth. While headlines often focus on challenges in the broader office sector, what we are seeing on the ground tells a different story, a clear and sustained flight to quality. Tenants are prioritizing well-located, highly amenitized buildings that support their in-office strategies and reinforce their brand and culture. This dynamic plays directly to our strengths and continues to drive leasing velocity across our portfolio. Our performances quarter reflects that alignment. Our New York portfolio is now .1% leased, the highest level since early 2022. Leasing was broad-based with strong activity across several of our flagship assets, where we continue to secure long-term commitments from high credit tenants. At 30 to 16 Avenue, we welcomed a nationally recognized legal tenant to the tower floors and subsequent to quarter, and we welcomed the leading financial services company to the base. This brings leased occupancy to over 97% at the building. At 903rd Avenue, we saw an expansion from another tenant, a global law firm that increased that building's leased occupancy to 94%. These transactions underscore the continued demand for our high quality space and highlight the strategic value of our portfolio to high quality tenants. A key differentiator in the success continues to be the Paramount Club. This amenity has proven transformative, not only in attracting new tenants, but in fostering a vibrant workplace community that enhances tenant satisfaction and retention. It exemplifies our commitment to delivering our hospitality caliber experience in a commercial setting, and it's a major reason why our buildings remain top of mind for tenants seeking best in class space. We continue to have a very robust leasing pipeline in New York, which Peter will cover in more detail shortly. I'm incredibly proud of how our team continues to execute in this environment, which is why we remain confident that we are exceptionally well positioned to continue capitalizing on the trends in the market. Shifting to San Francisco, the market remains in a period of recalibration. While overall leasing volumes are still below long-term averages, we are beginning to see encouraging signs of stabilization. Sub-lease space is being absorbed, and we are seeing renewed interest from tenants in sectors like AI, legal and professional services, particularly for high quality space in prime locations. That demand is translating into real activity. This quarter, we executed over 190,000 square feet of leasing in San Francisco, an acceleration that reflects both the quality of our assets and the improving sentiment in the market. Our buildings in the financial district, particularly One Market Plaza, 300 Mission Street, and One Front Street remain highly competitive, with tenants drawn to their location, infrastructure and flexibility. In this environment, our portfolio continues to outperform. While the recovery in San Francisco is gradual, we believe it is steady, and the long-term fundamentals remain intact. The city continues to attract world-class talent and innovation, and we are confident that demand for -in-class office space will continue to follow. Our team on the ground has done an exceptional job navigating this environment, and we remain focused on capturing our share of demand. As we look across the portfolio, our capital allocation strategy remains grounded in discipline, flexibility, and long-term value creation. We continue to evaluate opportunities to unlock value through selective dispositions, joint ventures, and reinvestment into our highest conviction assets. Our recent transactions at 903rd Avenue and One Front Street are strong examples of this approach, allowing us to crystallize value while maintaining operational control and upside participation. At the same time, we remain focused on preserving balance sheet strength. We ended the quarter with over $534 million of cash. This liquidity gives us the flexibility to be opportunistic while also positioning us to navigate an evolving macro environment with confidence. With debt markets functioning again, especially here in New York, we are actively pursuing the refinancing of 13016 Avenue. Given the assets profile and the leasing success we have had there, we expect a smooth process and will look to share the results with you all on our next call. More broadly, we continue to take the long view. We own and operate some of the most iconic office assets in two of the most dynamic cities in the world. We believe deeply in the enduring value of these markets and we are committed to managing this portfolio with the same discipline, creativity and conviction that has defined Paramount for decades. With that, I'll hand over to Peter.