Presidio Property Trust, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Presidio Property Trust fourth quarter 2020 earnings call. At this time, all participants are in place in a listen-only mode. It is now my pleasure to turn the floor over to your host, Laurel Hartcorn. Sir, the floor is yours.

Thank you, operator. Good afternoon and welcome to Presidio Property Trust fourth quarter and year-end 2020 earnings call. My name is Lowell Hartkorn, investor relations here at Presidio. Joining me on the call today are Jack Heilbrun, our president and chief executive officer, Adam Sragovitz, chief financial officer, Gary Katz, senior vice president of asset management, and Larry DuBose, the head of our model home division. Jack, Adam, Gary, and Larry will make prepared remarks today. then we'll be happy to take your questions via chat. At any time, you can click on the ask question button in the media player window to submit questions to our team. While we ask for your patience today as consistent with social distancing recommendations, each of us from the company will be speaking from separate offices. Unless otherwise noted, Comparisons made on this conference call will be between 2020 year and the 2019 year. If we are referring to a quarter, it will be the fourth quarter of 2020 compared to the fourth quarter of 2019. In addition, today's discussion will include forward-looking statements, which are subject to risk and uncertainties. Actual results could differ materially from these forward-looking statements. Please refer to our SEC filings for detailed discussion of potential risks and uncertainties. During this call, we will use rounding and abbreviations for the sake of brevity. We will also be discussing non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are including in our earnings press release, which was issued and filed with our Form 8-K today. As a reminder, this conference call will be made available for replay on the investor section of our website, www.PresidioPT.com, where we will also post our prepared remarks following the conclusion of this call. With that, let me turn the call over to Jack Heilbrunn, our president and CEO. Jack?

Thank you, Lowell. We spend time at Presidio thinking about the road ahead and how we might prepare for changes in the economy and our business. Nothing could have prepared us for the strange and crazy year that was 2020. With the world turned upside down with COVID, we are fortunate that our diversified portfolio performs so well under these conditions. To us, diversified does not mean just buying anything that comes our way. It means buying certain type of properties in particular locations where we expect to see long-term strength. We were recently able to completely retire our short-term mezzanine debt, mostly from sales of properties that we had owned for many years and then repositioned for sale. It was a long-term undertaking. The sales process started in 2020 and even late 2019 in one case. But we were able to have great outcomes for our company and our shareholders. There are so many paradoxes in the economy today that it serves us well to be both flexible about what we look at and discerning about the final decision. For example, there is great demand for single family homes in some geographies, as Lily will talk about later. But unfortunately, not so much demand for hotel space and others. Another example is some of our buildings that may not have seen they would sell quickly. And a lack of inventory, however, has worked in our favor on a number of occasions as a seller. With 2020 behind us, we see certain signs of optimism in terms of tenant demand and the ability to grow capital and to be able to grow shareholder value. We thank you for joining us. I will now turn the call over to Adam, our CFO.