Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Paramount Group third quareter 2023 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, November 2, 2023. I will now turn the call over to Tom Hennessy, 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 third 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 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. Our reconciliation of these measures to the most directly comparable GAAP measure is available in our third quarter 2023 earnings release and our supplemental information. Hosting the call today, we have Mr. Albert Behler, Chairman, Chief Executive Officer, and President of the company; Wilbur Paes, Chief Operating Officer, Chief Financial Officer, and Treasurer; 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 $0.22 per share for the third quarter, which was in line with consensus estimates. In the quarter, we leased over 298,000 sq ft, which was 123% higher than our quarterly average during the first half of the year. This activity was driven by robust leasing in both of our markets, New York and San Francisco. As you may recall, while our leasing results were trailing the midpoint of our guidance at the end of the first half of the year, we did not adjust it downward as we believed we would make up lost ground during the third quarter, and that's exactly what we did. Our year-to-date leasing velocity now sits at about 566,000 sq ft, putting us squarely at the 750,000 sq ft midpoint that we established at the beginning of the year. Notwithstanding that, we expect to achieve the leasing goal that we set earlier. We do not expect to do the same as it relates to our occupancy goal. We had some unexpected surprises in 2023 in the form of the regional bank crisis and a few lease terminations during the year, which has forced us to reduce the robust leased occupancy expectations we hoped to achieve. Our new range calls for leased occupancy between 87% and 88.6%. Wilbur will provide further details on our financial results and guidance later. We continue to be in a period of economic uncertainty. While headline inflation is moderating, it is still ahead of the Fed's target. Low unemployment and strong payroll data further complicates this dynamic. Add to this geopolitical issues, and you can see why things continue to remain in flux. Equity markets have sold off as interest rates have moved higher, and while most economists have been wrong thus far about the timing of the recession, I do not believe they are wrong altogether. Higher rates and the higher for longer narrative has and will continue to stress valuations, and the dearth of liquidity in the market will compound the problem. That said, we have built the company to withstand economic downturns, and this time will be no different. We have a fortress balance sheet with ample liquidity and debt that is non-recourse by design. Our portfolio continues to be leased well above market levels to a roster of blue-chip tenants, and we continue to capture more than our fair share of leasing in our markets, as demonstrated by our leasing results. Turning to our operating businesses. Our New York portfolio has remained stable at 90.4% leased. During the third quarter, we leased almost 185,000 sq ft in New York, or approximately 106% higher than the quarterly average during the first half of the year. New York has led the way in enforcing in-person work mandates, resulting in increased foot traffic and increased office utilization. Last quarter, I touched upon our highly talked about amenity center at 1301 Sixth Avenue, which will serve all the tenants in the Paramount campus. This 30,000 sq ft amenity center is dubbed the Paramount Club, and is set to open in the Q2 of 2024. Peter will provide additional color on this, including the impact it has had in our pursuit of inviting companies to join the Paramount campus. During the third quarter, we leased over 113,000 sq ft in San Francisco. Just like in New York, our San Francisco leasing not only eclipsed the quarterly average during the first half of the year by 155%, but it also represents the highest quarterly leasing volume we have had in San Francisco since the fourth quarter of 2021. Leading San Francisco-based companies continued to announce and enforce their return to office plans as concerns mount regarding productivity of remote workers. This has resulted in a steadily improving utilization figures across the San Francisco market and in our own portfolio post-Labor Day. This trend, together with a changing political landscape, driven by voter awareness about the challenges facing the city, will undoubtedly support improved leasing activity going forward. Pivoting to the transaction market, activity remains subdued due to elevated interest rates, volatile equity markets, and wide bid-ask spreads. With no debt financing readily available, the limited activity to date has been driven by smaller deals and all-cash buyers. To date, there have been very few high-quality assets brought to market, but there are signs of capitulation in the market. We will remain disciplined in our approach and deploy capital, if warranted, only in an asset-light approach. In closing, let me emphasize that our approach to business is rooted in a long-term perspective. Our Class A buildings and the coastal gateway markets in which we operate have demonstrated resilience, consistently evolving and growing over decades and numerous economic cycles. With that, I return the call to Peter. Thanks, Albert, and good morning. During the third quarter, we leased approximately 298,000 sq ft. Our third quarter leasing activity was balanced relative to our portfolio composition. During the third quarter, we leased approximately 185,000 sq ft in New York and approximately 113,000 sq ft in San Francisco, including the renewal of San Francisco Health Authority at 300 Mission, one of San Francisco's top 10 largest deals of the year. We continue to execute on our business plan while navigating the many different currents influencing market conditions in both New York and San Francisco. This period of uncertainty has caused many companies to exercise caution when making long-term real estate decisions, as reflected in the broader leasing fundamentals in our two markets. On the other hand, it has also prompted many companies, particularly those with near-term lease expirations, to think critically about how best to use real estate as a lever to enhance the workplace experience and support a widespread return to the office. This trend has resulted in companies' ongoing and ever-increasing desire to prioritize the highest quality assets with stable ownership. Interestingly, it has also resulted in a reduction of competitive supply in our two markets, as tenants and brokers alike aim to focus on well-located, amenity-rich buildings run by best-in-class, well-capitalized owners, all of which benefits Paramount. We are encouraged by the utilization figures in our portfolio and expect the accelerating return to work trend to result in increased leasing activity as sentiment improves. At quarter end, our same-store portfolio-wide leased occupancy rate at share was 88.1%, down 150 basis points from last quarter and down 330 basis points year-over-year. The drop in occupancy was largely driven by the move-out of Uber at Market Center. As we look ahead, our remaining lease expirations in 2023 are manageable, with 1.3% or approximately 105,000 sq ft at share expiring by year-end. Turning to our markets, Midtown's third quarter leasing activity was approximately 2.9 million sq ft, excluding renewals, was up 13% quarter-over-quarter, but 16% below the 5-year quarterly average. Availability in Midtown remains elevated at 18.1%, and absorption was positive during the third quarter, as there were limited space additions coupled with space withdrawals. Tour activity in our New York portfolio continues to increase, as does our pipeline of prospective tenants, most significantly on our vacant space along Sixth Avenue. At 1301 Avenue of the Americas, our market-leading amenity center, Paramount Club, is set to open in Q2, 2024, and continues to be a difference maker in our pursuit of leading companies. The Paramount Club will be a destination where Paramount tenants throughout our portfolio can collaborate, engage in intellectual exchange, build camaraderie, and partake in curated experiences that enrich both their professional and personal lives. Communication regarding the Paramount Club will be powered by Paramount's newly introduced tenant experience app, that will offer details regarding the Paramount Club, as well as other benefits of being in a Paramount building, including digital access and retailer perks. Paramount Club membership is exclusive to our tenants and offers expertly appointed dining, wellness, conferencing, and entertainment. Needless to say, existing tenants and prospective tenants alike have shown a keen interest in the Paramount Club. Our offering is resonating in the market and is timely, giving companies strong desire to deliver an elevated experience to their employees. Our New York portfolio is currently 90.4% leased on a same-store basis at share, down 10 basis points quarter-over-quarter, and down 170 basis points year-over-year, largely as a result of the known lease expiration with Crédit Agricole at 1301 Avenue of the Americas earlier in the year. During the third quarter, we leased approximately 185,000 sq ft at a weighted average term of 6.6 years, with an initial rent of approximately $73 per sq ft. Our overall lease expiration profile in New York is manageable, with 1.3% or approximately 77,500 sq ft at risk expiring by year-end. Shifting our focus to San Francisco, leasing activity remains muted. However, we are optimistic, given San Francisco remains a hotbed for premier tech talents with high growth potential. San Francisco-based companies have raised approximately $27 billion in venture capital funding year to date, accounting for more than 14% of venture capital investment in the United States. As a result, venture-backed companies, particularly AI, have contributed more than 1 million sq ft towards tenant demand in San Francisco, which is currently 5.2 million sq ft and moving closer to San Francisco's historical average of approximately 7 million sq ft. At quarter end, our San Francisco portfolio was 82% leased on a same-store basis at share, down 520 basis points quarter-over-quarter, and down 730 basis points year-over-year, driven by the known move out of Uber, which we have partially backfilled with the previously San Francisco portfolio, has 1.4% or approximately 28,000 sq ft 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. Thank you, Peter, and good morning, everyone. Yesterday, we reported Core FFO of $0.22 per share, which is in line with consensus estimates. Same-store growth in the quarter, as expected, was -7.1% on a cash basis and negative year-to-date same-store results to -3.9% cash and -2.9% GAAP. As highlighted previously, our negative lease expirations in our portfolio, namely Crédit Agricole in New York and Uber in San Francisco. During the third quarter, we completed 298,259 sq ft of leasing at a weighted average starting rent of $75.65 per sq ft, and for a weighted average lease term of 6.5 years. Mark-to-markets on 220,495 sq ft of second-generation space was essentially flat, with GAAP mark-to-markets at positive 0.5% and cash mark-to-markets at -0.4%. Turning to our balance sheet. In late September, we refinanced with the existing lender, the debt at 300 Mission, which was scheduled to mature in October. The new $232 million loan has a fixed rate of 4.5% and matures in October 2026. It replaces the previous $273 million loan that bore interest at a fixed rate of 3.65%. Needless to say, this was a terrific outcome for us and our partners. The $41 million paydown, of which our share was less than $13 million, was funded through existing property cash reserves. Notwithstanding the decline in cash flow from two significant lease expirations this year, the regional bank crises that affected two of our tenants, including our largest tenant, the paydown of a portion of the debt at 300 Mission and CapEx spend, we have managed to increase our cash flow and liquidity position from year-end, which now sits at $1.217 billion, compared to $1.203 billion when we began the year. We have done this through a series of austerity measures, including expense management and a dividend reduction, thereby enabling us to maintain our fortress balance sheet. Our $1.217 billion of liquidity is comprised of $467 million of cash and the full $750 million of capacity under our revolving credit facility. Our outstanding debt at quarter end was $3.66 billion, at a weighted average interest rate of 3.9% and a weighted average maturity of 3.4 years. 87% of our debt is fixed and has a weighted average interest rate of 3.28%. The remaining 13% is floating and has a weighted average interest rate of 8.1%. We have no debt maturing for the remainder of 2023, and $478 million at share maturing in 2024, which primarily represents our share of debt at One Market Plaza, which matures in February 2024. Turning now to our 2023 guidance. Based on our year-to-date results, as well as our outlook for the remainder of the year, we have maintained our Core FFO guidance of $0.86 per share by narrowing the range to be between $0.85 and $0.87 per share. We have also maintained the midpoint of our leasing guidance of 750,000 sq ft, by narrowing the range to be between 650,000 sq ft and 850,000 sq ft. Our same-store expectations were left unchanged, and as Albert highlighted earlier, our lease occupancy range was lowered to a range between 87% and 88.6%. With that, operator, please open the lines for questions. Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and two, if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Ladies and gentlemen, we will wait for a moment while we poll for questions. Our first question comes from Camille Bonnell with Bank of America. Please go ahead. Good morning. I understand we still have to get through 2024, but then I see you have another 1 million sq ft in San Francisco expiring in 2025. It just seems like a lot of roll coming with no more clarity around demand. I guess, how do you plan to get in front of this? And is there anything you can do from an asset management perspective to manage it? Camille, this is Albert. This is a good question, but let me give you a little background with regard to San Francisco. I think San Francisco has an image currently that it is a horrible market, and it looks like it. I want to say on the positive side, I was there just a week ago to see what has developed and is developing. And I can tell you that, first of all, occupancy or attendance in the buildings in San Francisco has risen dramatically, and that's not so far published dramatically, and it's at the same level as we currently have it here in New York City. So that's new in the market. We will look very, very carefully at each asset how it develops over the next 12-18 months. If there is an asset that cannot perform, we will have to talk to our lenders and do what's necessary in this market. I have mentioned before that on earnings calls the company will be very conservative with its cash that we have currently available on the balance sheet. We have a balance sheet that is not leveraged, and we definitely will be prudent about spending or not spending that capital. So your question is a good one, and we will watch the market how it develops over the next 12-18 months, and look at each opportunity separate. You have to look at our portfolio since we only have asset-based lending. Like, it's a, it's a conglomerate of various different. And I proudly say this, our property managers operate like they are very independent, and they run their own property. The advantage of our properties are that they're relatively large in size, and they stand alone, and that's how we look at them, the leasing velocity and what he sees in the market. Yes, Camille, good morning. I would say that demand is picking up slightly. We're just now starting to see AI have an impact on velocity in this market, and so we're tracking that, of course, very closely. But with regards to 2025 expiration, Google and JP Morgan, Google, of course, at One Market, JP Morgan at One Front, make up. We, of course, are thinking about it. We're in front of them, having productive conversations, and so while it's too soon to say much more beyond what I've just now Said, I can assure you that, and we're in front of them having productive conversations, and we'll have more to report in the future. Appreciate your thoughts there. Just on the leasing pipeline, are you having many conversations with tenants about early renewals and potentially pulling forward leases broadly across the pipeline? To de-risk role, and I think we've historically done a very good job of this. So yes, we, as I just mentioned, have ongoing discussions with our tenants. We are discussing renewals with tenants that have expiries in 2024, 2025, and in some cases, 2026. And so, I can't tell you that we're in discussions with every tenant with an expiry in 2024, late 2024 or 2025, but we are in discussions with many of them. So, yes, the answer to your question is, we are always thinking about getting ahead of it. In fact, the majority of our leasing this quarter was renewal based. Mm-hmm. Got that. Just a final question, around One Market Plaza, being one of your best leased assets. You do have a large maturity coming up not too far now. Can you share how conversations with lenders are going on refinancing the debt and the spreads you're generally seeing? Sure. First, I wanna just clarify. You mean One Market Plaza, not Market Street, because that's a different asset. Got it. Yes. One Market Plaza, again, it's, you know, we are having ongoing discussions, both with our partners and the lenders, and it's too soon to comment on that right now, Camille, because it wouldn't be appropriate, given the discussions being very fluid, but they're very productive discussions. Okay, thank you for taking my question. Thank you, Camille. Thank you. Our next question comes from Ron Kamdem with Morgan Stanley. Please go ahead. Hey, just a couple quick one. Just starting with the lease occupancy. Can you be specific on that? Sure. So, you know, Peter talked about last quarter, the leasing pipeline, of leases that were out for six of the year in the fourth quarter is largely on vacant space. But, as I'm sure, Ron, you've heard from, the rest of our peer group, deals are taking longer to get done. And, you know, while we have a lot of these, the question becomes, do we get to some of these before year-end, or does that have a spillover effect into 2024? We thought now is the right time to be prudent about our approach, given the fact that deals are taking longer to get done and, and narrow that guidance. So, you know, we're hitting on our almost every metric that we set out in the beginning of the year. All of the guidance metrics that we set out at the beginning of the year, we are within the range and hitting closely to the midpoint of all of those metrics except the lease occupancy, but that was driven by a number of factors. You had the regional bank crisis that was unexpected. That impacted our numbers. You had lease terminations that came as a surprise to us, as it does to other people as well, I'm sure, but that affected our numbers. These are not things we budgeted and forecasted at the time we came up with guidance. And, you know, not to mention the ever-changing operating environment that we find ourselves in. So we thought it was the right thing to do to adjust the guidance at this point. Great. And then, just two quick one, I'll sneak into one question. So on the, at One Front Street, the space that JPM assumed, just any updated color there, what, their plans are over the next several years as those leases roll? And then, and then just switching back to sort of the castle statement, about $38 million this quarter. Any sort of one-timers or working capital adjustments that happened in the quarter that we should be mindful of? Thanks. To your first question, Ron, on One Front, we are in communication with JPMorgan now. We had a very good communication with them upfront. This was a very, very difficult situation, as you can imagine. One Front was the largest occupancy of First Republic during this year. And the team did a terrific job by making sure that JPMorgan was made comfortable with the asset, with the leases there. It's too early to say how this will develop over the next couple of years, but I can tell you that the relationship is very good. And Ron, you know, getting back, I just wanna make sure I frame your question correctly. I think you're talking about the decline of $30-some-odd million in cash flow from operating activities this quarter, when you're comparing the change from September through June, I presume. Is that correct? That, that's right. That's right. Okay. So that was driven largely by prepaid real estate taxes. You know, we prepare a large portion of our real estate taxes on July 1, and that's basically what happens. Obviously, those get collected through expense reimbursements over the next six months, but that's why you saw the large decrease this quarter over last quarter. Great. That's it for me. Thank you. Thanks, Ron. Thank you. Our next question is from Blaine Heck with Wells Fargo. Please go ahead. Great. Thanks. Good morning. Several of your peers in New York have noted that the pace of leasing activity in properties with kind of middle of the market rents has picked up recently. I guess, are you guys seeing the same? And can you talk a little bit more about any changes in the number, the size, and the underlying industry of the prospects you guys have for your larger vacancies, especially in the New York portfolio? Yeah, I would say, Blaine, that leasing has picked up across the board, I would say, because, you know, we, we have a very diversified portfolio of smaller tenants, mid-size and, and larger tenants. The very large tenants have taken occupancy a while ago, but I think there are some tenants who are realizing now that the decisions they made are not sufficient, which is a good, which is good news. Some of them are thinking about maybe taking more space, because initially, they were thinking about the work from home situation taking longer, and they're realizing to be competitive long term, this is not a solution, and they are, they are changing, changing their focus. So, that's what we will see, that we see in our, in our, in our segment here in New York. I would add by saying, I do think leases have taken longer for a variety of reasons, and velocity in the broader sort of Midtown market has not been great year to date. Blaine, I will tell you that we feel a heck of a lot better about our pipeline relative to the way we felt about it earlier in the year. And a lot of that activity is centered around 1301, which gives us an opportunity to achieve some occupancy increasing leasing going forward. And that, of course, contains some base floors where we're talking about rents, you know, around $70-ish per sq ft. So we have quite a bit of activity. We have proposals that cover the entirety of that vacancy. We, of course, need to convert on the opportunities in front of us. Suffice it to say that the pipeline, Paramount's pipeline, I'll say, feels quite good relative to where we were earlier in the year. Peter, has the complexion of the, you know, kind of pool of prospects changed at all as far as, you know, the underlying industries, or is it still mostly kind of traditional fire type tenants? Predominantly, fire tenants are the most active, that's reflected more broadly in the market, but we've also experienced that. We've seen some media companies that are now pursuing several of our opportunities. Some professionals' collection of industry type has not changed all that dramatically. We're just seeing more and more tenants acknowledging the importance of the office and deciding that they want to elevate what they have to offer their employees, and they're looking to find their way into better real estate. That's what's compelling them to transact in this market, despite all the challenges, and we think we're doing a good job appealing to those prospective tenants right now. Part of that, I think, has been supported by the Paramount Club, which we referenced in our remarks. Prospective tenants and existing tenants have responded very well to our plan. It's not just like every other amenity center. It will be market leading, and it's resonating, and I think it's helping to support not only getting initial interest, but getting some of this interest to lease. Great. That's really helpful color. Maybe for Wilbur, can you just talk about the financing market a little bit more in general, and then also specifically on the negotiation process on the 300 Mission loan? I guess, how much scrutiny was there on current operations and future lease expirations at the building? You know, what was the LTV that was arrived at on the loan? And how was the value determined? And then, you know, how was the length of term at 3 years determined as well? No liquidity in the market for new financings. And so, I said this on our last earnings call, that most of these things are going to be negotiations and refinancings and extensions with the existing lender. You know, the execution at 300 Mission obviously was a superior one, probably one of the best in the marketplaces, but it was a testament to one, the sponsorship on the asset and the relationships with the lenders. And, you know, we have been very, very transparent with our lenders. We have great relationships, and we talked about this very early on what our vision for the asset was, we're the best people to navigate this environment. And our lenders and our partners were very, very supportive, and we achieved a tremendous, tremendous execution here. You know, I don't want to talk about LTVs because everybody's struggling with what the V in that equation is, but there was a lot of discussion about the time and term we needed to be able to get through the business plan, and that's what we shared very- Is from Vikram Malhotra with Mizuho. Please go ahead. Thanks for the question. I guess just, you know, with all the leasing that you've outlined this quarter, the pipeline, Wilbur, would it be, would it be possible to give us sort of how do we think about, the occupancy trajectory, the lease trajectory as we kind of go into 2024, just given there are several moving pieces? Sure. And, you know, in 2024, obviously, you know, the big move out for us, which is known as Clifford Chance, that's 329,000 sq ft. That's going to impact occupancy, it's going to impact cash flow significantly. You also have Kasowitz at 1633. That's a 50,000 sq ft lease. That floor comes due, I believe, in May 2024 as well. You have that, and, so those are the two really large things. And then in San Francisco, you also have the impact of some of the space that was at One, you know, after JP Morgan gave back some of the space that was subleased to tenants. That space we had outlined in the 10-K also comes back, that was short-term in 2024. So those are the large moving pieces on the downside. And you know, Peter outlined, Vikram, his pipeline of you know fourth quarter activity and leases out for signature, a majority of which is on currently vacant space. So, yeah, we're not formulated at 2024 guidance, but wanted to be helpful to you to have the big moving pieces here. Okay, that's helpful. I guess just, you know, Albert, you do have optionality through your funds, obviously, you know, on balance sheet stuff here, but, a lot of your peers, yourself, are talking about renewed activity, you know, perhaps some signs of tour activities picking up, et cetera. So I'm wondering if you-- if these are truly signs of inflection or more stabilization, and how that may tie into your decision to deploy, either debt or equity capital over here, just from a, perhaps a first mover advantage. Well, Vikram, I said it over and over again, and I will repeat it here. We will be very careful not to invest Paramount capital. We will go into a recovery just with the asset light model. That means we will— And we get some inbound questions by investors to your question. We get some questions about, is the market going to change? Those questions normally come not from institutional investors, more from ultra high net worth investors from various parts of the world. And I think there will be opportunities in 2024, but so far, nothing— We haven't seen anything that would really wet our appetite and really get us excited. But very clearly, there were very, very little of PGRE's equity capital being invested here. Okay. That's helpful. Just, I guess, Wilbur, last one. Can you just maybe update us on perhaps any potential, you know, dispositions or any capital sourcing that you may do, and then utilize just buybacks? I'm just wondering, kind of, given where the stock is, given the, given sort of the broader markets, how are you thinking about buybacks and sources of those buybacks? Look, Vikram, I think it makes less sense for us to be executing buybacks today, given that we cut the dividend to protect the balance sheet. You know, that's our number one focus right now, is protecting the company's balance sheet, and maintaining ample liquidity. We have, you know, we're still in this period of economic uncertainty, and we have debt maturities coming due. We have, Peter talked about the amenity center, you know, capital that is going to be needed there as well. So we're trying to be very, very prudent in terms of capital allocation. We certainly appreciate the disconnect between value and stock price. I mean, we're, you know, but we're sitting with cash on balance sheet at $2, and our stock is trading at $4. But our goal is to continue to protect our balance sheet for the timing until we see the future getting clearer. Makes sense. Thank you. Thanks, Vikram. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. Our next question comes from Jay Foxkit with Evercore ISI. Please go ahead. Hey, thanks. Good morning. I was hoping you could just bridge the gap a bit between... I know you mentioned that for the same-store lease percentage, that some of those leases had—were probably going to slip into 2024. But I'm just curious, the gap there between the reduced lease percentage guidance, but then maintaining your leasing velocity for the year. Would you mind just helping bridge the gap there? Sure. I think, you know, and we touched upon it a little bit earlier, a large portion of the activity was pre-leasing and renewal activity. So effectively, what has happened is Peter has brought forward, future lease expirations and renewed them. So that has an impact on the velocity, but doesn't have an impact on occupancy because that lease was currently already in occupancy. So we've de-risked future role, and so we're hitting the leasing volume target, but the vacant space, discussions have taken longer, to come to fruition, and that's why, we reduced the lease occupancy target. Okay. That's helpful. Thank you. And then just another question. I know, you said that you can't say much about the refinancing coming in February, but I'm just curious, in discussions with the lenders, are they taking a similar stance as what you're able to negotiate with 300 Mission? Or just given the different characteristics, of the asset, are those conversations kind of independent of each other? They're very independent of each other. You cannot look at two financings and two executions the same way. It's not a one-size-fits-all model. You got to understand your lending partners. You know, One Market Plaza is a CMBS loan. It's different people that you're dealing with. The characteristics of the asset matters, the characteristics of the sponsor matters. I would not be thinking of the execution at 300 Mission and trying to apply that towards every other debt maturity that's coming. It's a bespoke process. Each one is treated differently. That's great. Thanks a lot for me. Thank you, Jay. Thank you. As there are no further questions, I will now hand the conference over to Albert Behler, CEO, for closing comments. Thank you all for joining us here today. We look forward to providing an update on our continued progress when we report our fourth quarter 2023 results. Goodbye. Thank you. The conference of Paramount Group has now concluded. Thank you for your participation. You may now disconnect your lines.