American Assets Trust, Inc.

Good day, ladies and gentlemen, and welcome to the American Assets Trust fourth quarter and full year 2018 earnings call. At this time, all participants are in a listen-only mode, so if anyone should require assistance during the call, please press star, then zero on your touchtone telephone to reach an operator. Later, we will conduct a question and answer session. If you would like to ask a question at that time, please press the star followed by the one key on your touchtone phone. As a reminder, today's conference may be recorded. I'd now like to introduce your host for today's conference, Mr. Adam Weil, Senior Vice President, General Counsel. Sir, please go ahead.

Good morning. I'd like to thank everyone for joining us today for American Assets Trust 2018 Fourth Quarter and Year-End Earnings Conference Call. Joining me on the call are Ernest Rady and Bob Arden. These and other members of our management team are available to take your questions at the conclusion of our prepared remarks. Our 2018 fourth quarter and year-end supplemental disclosure package provides a significant amount of valuable information with respect to the company's operating and financial performance. The document is currently available on our website. Certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any annualized or projected information, as well as statements referring to expected or anticipated events or results. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, our future operations and our actual performance may differ materially from the information contained in our forward-looking statements, and we can give no assurance that these expectations will be attained. Risks inherent in these assumptions include but are not limited to future economic conditions, including interest rates, real estate conditions, and the risks and costs of construction. The earnings released in supplemental reporting package that we issued yesterday And our annual report filed on Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and results of operation. Additionally, this call will contain non-GAAP financial information, including funds from operations, or FFO, earnings before interest taxes, depreciation and amortization, or EBITDA, and net operating income, or NOI. American Assets is providing this information as a supplement to information prepared in accordance with generally accepted accounting principles. Explanations of such non-GAAP items and reconciliations to net income are contained in the company's supplemental operating and financial data for the fourth quarter and year-end 2018, furnished to the Securities and Exchange Commission, and this information is available on our website at www.americanassetstress.com. I'll now turn the call over to our Chairman, President, and CEO, Ernest Ray, to begin our discussion of fourth quarter information and year-end results. Ernest? Thanks, Adam, and that was really eloquent.

Good morning, everyone. Thank you for joining American Assets Trust's fourth quarter and year-end 2018 earnings call. We continue to make great progress on all fronts as we continue to focus our efforts on earnings growth combined with growth in net asset value for our shareholders. At American Assets Trust, our strategy is focused on these seven things. One, coastal West Coast markets from San Diego to Seattle and Hawaii, which have dynamic high barrier to entry attributes where the demographics, tenant demand, and local economies are strong and that we believe outperform other markets over time. Two, diversification by asset class. We believe that the ownership of a combination of office, retail, and multifamily properties, as opposed to focusing on the single asset class, provides for superior positioning opportunities. Three, consistent growth, both organically and opportunistically. We believe that our NAV annualized growth over the last eight years has been approximately 12%. Our annualized total shareholder return over the last years has also been approximately 12%, speaking to the quality of our portfolio. Four, we maintain a conservative balance sheet and debt profile. Five, environmental sustainability and social responsibility. We use proven conservative methods to reduce carbon emissions, minimize our environmental impact, and preserve natural resources for future generations. Additionally, we firmly believe that our success is directly related to the success and health of our communities in which our properties are located. Six, technology. We expect that bringing cutting-edge technology into our properties and our business operations attract higher credit tenants and creates material operational cost savings. Seven, dedication to transparency, excellence, and success in all that we do. During the fourth quarter, we signed a significant lease with Google at our landmark One Market in San Francisco. which will contribute significantly to our earnings in 2019 and beyond. The office market in both San Francisco and Bellevue, Washington remained quite strong. We continued our renovation of the former Kmart building at our Waiakele Center in Hawaii and remain optimistic on the leasing front as we have commenced lease negotiations and begun negotiating LOI's letters of intent with various prospective national retailers. The Safeway Store at Wekele Center remains on track to open in fourth quarter 19. Our renovation of one of the existing smaller office buildings at Oregon Square in Portland is almost incomplete, and we are optimistic on the leasing front as we have negotiations with LOIs with prospective full-bed building users. We continue to reinvest and improve our existing assets and remain optimistic about the future of this portfolio and our ability to improve the price NAV gap. On behalf of all of us at American Trust, we thank you for your confidence. We work hard to earn it and allow us to manage your company, and we look forward to your continued support. I'll now turn it over to Bob Barton, our Executive Vice President and CFO. Thanks. Bob, you got it.