Good morning, everyone, and welcome to Peakstone Realty Trust's first quarter 2023 earnings webcast. On the call today are Mike Escalante, Chief Executive Officer; and Javier Bitar, Chief Financial Officer. Please note the use of forward-looking statements by the company on this webcast. Statements made on this call may include statements which are not historical facts and are considered forward-looking. The company intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is making this statement for purpose of complying with those safe harbor provisions. Furthermore, actual results may differ materially for those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in the company's 10-K for the year ended December 31, 2022, and its other SEC filings. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, on this call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, EBITDAR, and adjusted EBITDAR. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP numbers in the company's filings with the SEC. Additional information may be found in the Investors section of the company's website at www.pkst.com. I would now like to turn the call over to Mike Escalante. Mike?

Good afternoon, and thank you for joining us today for our first call as a listed company. Since a growing number of shareholders are new to our company, I want to begin by providing more details around who we are and our strategy as a public company. Next, I will describe our key achievements during and subsequent to the first quarter. Javier will then review our financial results and our balance sheet. Then I'll return with some closing comments as we look ahead to the future. We own a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office assets, which are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations. At the end of the quarter, our wholly owned portfolio consisted of 78 properties with a total of approximately 19 million square feet and annualized base rents or ABR of approximately $213.4 million. For purposes of valuation, you can think about our portfolio as having 4 separate pillars of value. First, in our Industrial segment, we own 19 properties totaling approximately 9 million square feet. These properties have an economic occupancy of 100% and have a weighted average lease term or WALT of 6.8 years. Within the Industrial segment, approximately 59% of our properties are leased to investment-grade tenants. In addition, approximately 49% of our Industrial segment ABR is generated by properties proximate the top U.S. ports. Second, in our office segment, we own 38 office properties totaling approximately 6.2 million square feet. These properties have an economic occupancy of 98.2% and a WALT of 8.2 years. Within this office segment, approximately 67% of our properties are leased to investment-grade tenants. In addition, our office properties are newer and higher quality than many of our public peers. Third, we own 21 properties containing approximately 3.8…

Thanks, Mike. Peakstone's portfolio continues to produce solid results. As Mike mentioned in his remarks, at the end of the first quarter, our portfolio consisted of 78 properties totaling approximately 19 million square feet, and our wholly-owned portfolio at the end of the quarter was 95.3% leased at a WALT of 6.9 years and an ABR or annualized base rent of approximately $213.4 million. In the first quarter, total revenue was approximately $67 million. Net income attributable to common shareholders was approximately $6 million or $0.17 per share. FFO was approximately $14.7 million or $0.37 per share on a fully diluted basis, and AFFO was approximately $26.8 million or $0.68 per share on a fully diluted basis. The change in AFFO compared to the same quarter last year was primarily due to the decrease in rental income as a result of the disposition of 48 properties in 2022 and 3 properties in the first quarter of 2023. Same-store cash NOI was approximately $48.4 million. Moving on to our balance sheet. As of March 31, 2023, we had approximately $368.2 million in cash on hand and $132.3 million of available capacity on our revolving credit facility for total liquidity of $500.5 million. Our net debt was approximately $1.1 billion, and our debt had a weighted average interest rate of 4.2% and a weighted average term to maturity of 3.3 years. During the quarter, we also repaid the $19.1 million outstanding principal balance related to a mortgage loan that was maturing in April 2023. As a result of our recent sales, we continue to improve our balance sheet as demonstrated by our net debt plus deferred to normalized EBITDAre for our consolidated portfolio at 7.1x as of March 31 compared to 7.7x at the end of the year. And our net debt plus deferred to gross real estate was at 36.3% as of quarter end versus 39.5% as of year-end 2022. Interest rates were fixed on approximately 86% of our total outstanding consolidated debt inclusive of the effect of our interest rate swaps, limiting our exposure to interest rate volatility. Our next material debt maturities are at late 2025, with our $400 million facility term loan coming due as well as our AIG II mortgage loan, which will have a balance of approximately $115 million at maturity. Finally, in March, the Board declared a cash dividend for the month of March 2023 of $0.075 per common share, payable on May 12, 2023, to holders of record of its common shares on May 2, 2023. While the company expects to pay dividends on a quarterly basis going forward, all dividend decisions, including amount and frequency, will be made by the Board of Trustees. Now I will turn the call back over to Mike for closing remarks.

Thanks, Javier. We're very excited to begin our new chapter as a listed company, and we are laser-focused on operating our portfolio to create value for all shareholders. We intend to use free cash flow and proceeds from sales of certain assets to continue to delever and derisk our balance sheet with the goal of achieving an investment-grade rating as soon as the market allows. Let me summarize our strengths once again as we move forward. We own a great portfolio of high-quality assets with majority investment-grade tenants, a WALT of 6.9 years, and embedded potential for upside. At this time, we are executing a self-funded strategy, which will not require outside capital for the foreseeable future. We have a strong balance sheet with limited near-term maturity risk and ample capacity to support our business plan. And we are a cycle-tested team of experienced real estate professionals with a track record of operational results and 100% alignment with our shareholders. While the macroeconomic environment and public markets continue to be turbulent, we believe our stable, high-quality portfolio is resilient and well positioned, and we are excited and optimistic about executing our strategy to maximize value for our shareholders. We thank you for your time today. And if you have questions, please reach out to Investor Relations at ir@pkst.com or visit the Investors section of our website at pkst.com. We look forward to engaging with you as we move forward. Please have a good day. I'll now turn the call over to the operator.

Thank you. That will conclude today's webcast.