American Assets Trust, Inc.

Good day, ladies and gentlemen, and welcome to the Q1 2019 American Assets Trust, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. If you have a question, please press the star, then the number one key on your touchtone telephone. If anyone should require assistance during the conference, please press star, then zero on your touchtone telephone. As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Adam Weil, Senior Vice President and General Counsel. You may begin.

Good morning. I'd like to thank everyone for joining us today for American Assets Trust 2019 First Quarter Earnings Conference Call. Joining me on the call are Ernest Rady and Bob Barton. These and other members of our management team are available to take your questions at the conclusion of our prepared remarks. Our 2019 First Quarter Supplemental Disclosure Package provides a significant amount of valuable information and 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 relief supplemental reporting package that we issued yesterday in our annual report filed in Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial conditions and results of operations. 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 first quarter of 2019, furnished to the Securities and Exchange Commission, and this information is available on our website at www.americanassetstrust.com. I'll now turn the call over to our Chairman, President, and CEO, Ernest Rady, to begin our discussion of first quarter results.

Ernest? Thanks, Adam, and good morning, everyone. Thank you for joining American Assets Trust first quarter results. 2019 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 Trust, we focus on, first of all, 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. Number two, diversification by asset class. We believe that ownership of a combination of office, retail, and multifamily properties, as opposed to focusing on a single asset class, provides for superior positioning opportunities, which allow us to create long-term wealth for our stockholders. Three, consistent growth both organically and opportunistically. We believe that our NAV annualized growth rate over the last eight years since we became a public entity has been approximately 12%. Our annualized shareholder return over the last eight years has also been approximately 12%. Four, we maintain a conservative balance sheet and debt profile. And we have been dedicated for all these years to transparency and excellence in all that we do. During the first quarter, the office market in both San Francisco and Bellevue, Washington, remained quite strong. We continue our renovation of the former Kmart building at our Wykelly Center in Hawaii and remain optimistic on the leasing front as we have commenced negotiating LOIs with various prospective national retailers. The Safeway store at Wykelly Center remains on track to open in fourth quarter of 19. Our renovation of the existing smaller office building at Oregon Square in Portland is almost complete and we are optimistic on the leasing front as we have began negotiating LOIs with prospective full building user. We continue to reinvest and improve our existing assets and remain optimistic about the future of this portfolio and our ability to narrow the price to net asset value gap. On behalf of all of us at American Assets Trust, we do thank you for your confidence in allowing 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. Bob.