Presidio Property Trust, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Presidio Property Trust third quarter 2021 earnings call. At this time, all participants been placed on a listen only mode. It is now my pleasure to turn the floor over to your host, Lowell Hartkorn. Sir, the floor is yours.

Thank you, operator. Good afternoon, and welcome to Presidio Property Trust third quarter 2021 earning call. My name is Lowell Hartkorn, investor relations here at Presidio. Joining me on the call today are Jack Heilbrunn, our President and Chief Executive Officer, Adam Sragowicz, Chief Financial Officer, Gary Katz, Senior Vice President of Asset Management, and Steve Hightower, Executive Vice President of our Model Home Division. Jack, Adam, Gary, and Steve will make prepared remarks today, and 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. We ask for your patience today as consistent with social distancing recommendations, each of us from the company will be speaking from separate offices. And unless otherwise noted, comparisons made on this conference call will be between the third quarter of 2021 and the third quarter of 2020. In addition, today's discussion will include forward-looking statements which are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Please refer to our SEC filings for a detailed discussion of potential risks and uncertainties. During this call, we'll 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 included in our earnings press release, which was issued and filed along with our Form 8K earlier today. As a reminder, this conference call will be made available for replay in the presentations area of 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, I will now turn the call over to Jack Heilbrunn, our President and CEO.

Thank you, Ray. On past calls, you've heard about the sales of some of our office and retail properties that we have held for several years, where we felt that given the market demand for these properties, selling made sense. We are pleased that we can now start to see the future of Presidio taking shape. In August, we announced the acquisition of a single tenant triple net property in Houston, which we refer to as a mandolin property. Gary will be able to tell you more about that property itself, but taking a look at the big picture, the tenant is in the daycare business. We believe that this business is largely resistant to the internet. Houston itself has a growing population and Cypresswood is a very attractive solid sub market of Houston. We continue to review deals in diversified property types and approach that we believe will help insulate us from the inevitable cycles of real estate. We favor areas with solid population growth, substantial university and or government employment and tenants who provide necessary services. We've seen our share of options and buyers willing to pay far above what we believe is a fair long-term price for properties. You can see from our financials that we still have quite a bit of cash that we have not yet deployed. However, we expect to have invested all of it or nearly all of it by the time we speak with you next. In holding real estate for the long term, the price that you buy at is critical, and we intend to maintain our discipline, acquiring properties only after careful consideration and analysis. I will now turn the call over to Adam Sargovich, our CFO, to share some financial highlights. Adam?