American Assets Trust, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Q1 2020 American Assets Trust, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press Star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press Star 0. I would now like to hand the conference over to your speaker today, Adam Weil, EVP and COO. Thank you. Please go ahead, sir.

Thank you. Good morning, everyone. Welcome to American Asset Trust's first quarter 2020 earnings call. Yesterday afternoon, our earnings release and supplemental information were furnished to the Securities and Exchange Commission on Form 8K. Both are now available on the Investors section of our website, AmericanAssetsTrust.com. A telephonic replay and on-demand webcast will also be available for this call over the next week. During this call, we will discuss non-GAAP financial measures, which are reconciled to our GAAP financial results and our earnings release and supplemental information. We will also be making forward-looking statements based on current expectations. These statements are subject to risks, uncertainties discussed in our SEC filings. Your caution not to place undue reliance on these forward-looking statements. Actual events could cause our results to differ materially from these forward-looking statements, which we undertake no duty to update. And with that, I'll turn the call over to Ernest Frady, our chairman and CEO, to begin the discussion of our first quarter 2020 results. Thank you.

Thank you, Adam. That was especially eloquent. And good morning to everybody. We recently released our 2019 annual report that we prepared during the first quarter of 2020 prior to the COVID-19 pandemic. The theme of our annual report was being grateful. During these unprecedented times, we are even more grateful, great for our colleagues, investors, banking relationships, research analysts, and our families, and our great portfolio. We are grateful for the first responders and healthcare workers on the front lines and the research taking place to find a vaccine. We are grateful for all the little things in life that we have often taken for granted. One thing is certain, that together we will get through this period of history. The question is how we will be impacted and what we will look like on the other side. We are not immune from the pandemic. We too feel the bumps and bruises along the way, which Bob will talk about in more detail. But overall, our expectation and confidence is that our high-quality portfolio in coastal West Coast markets, combined with a low leverage balance sheet will pull us through this period in history and come out better on the other side. As we mentioned on our earnings release, the board of directors reduced the dividend from $0.30 per share to $0.20 per share for the second quarter. Reducing the dividend is heartbreaking for me. It's not the track record that we wanted. And we've done it with regret and humility. But in the absence of caution during these period times, the Board thought it was the thing to do. We will ask the Board of Directors to reconsider making up the shortfall in subsequent quarters as soon as we can see the retail sector starting to rebound. I'm going to turn the call back over to Adam Weil, our EVP and Chief Operating Officer, who will give us a quick update on our operations during this pandemic. following Barb Barton, our EVP and Chief Financial Officer, and we'll end with a quick update on the office leasing success that Steve Senter, our Vice President of Office Properties, is seeing. Adam, thank you, sir.