American Assets Trust, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the third quarter 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'll need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Adam Will, Executive Vice President and Chief Operating Officer Please go ahead, sir.

Thank you. Good morning, everyone. Welcome to American Asset Trust third quarter 2020 earnings call. Yesterday afternoon, our earnings release and supplemental information were furnished to the SEC on Form 8K. Both are now available on the investor 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 our current expectations. These statements are subject to risks and 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 for a number of reasons, including uncertainty related to the scope, severity, and duration of the COVID-19 pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effect of the pandemic and containment measures on us and on our tenants. And with that, I'll turn the call over to Ernest Rady, our chairman and CEO, to begin the discussion of our third quarter 2020 results. Ernest?

Ernest Rady Thank you, Adam. Good job. First and foremost, I would like to wish all of our stakeholders and their loved ones continued health and safety during these truly unprecedented times. We remain optimistic that a vaccine will be forthcoming over the next six, nine months. And trust me, I'm going to be one of the first in line. But nevertheless, we are prepared to endure a prolonged pandemic with our solid balance sheet, world-class properties, and tenants, and incredibly dedicated and competent employees. Fortunately now, the second and third quarters are behind us. And I can tell you that our operations and financial results were nowhere near as catastrophic as my worst case projections that we modeled in April 2020. As most of you know, for many years, many outsiders believed our asset diversification was perceived negatively relative to many of our best in class peers. However, we now know that our ownership of a combination of irreplaceable office, multifamily, retail, and mixed-use properties, as opposed to a single asset class, provided us with much-needed stability and protection from the risks associated with the changes in economic conditions of a particular market, industry, or even economy, such as those changes created by COVID-19. We have constantly defended our asset class diversity to stockholders and naysayers, but not anymore. And thanks in large to our asset diversification, I wanted to mention that the Board of Directors has approved the quarterly dividend of 25 cents for the third quarter, which is supported by our rent collections in that third quarter. Could we have declared a larger dividend? Yes, probably, and I would have benefited more than anyone. But as fiduciaries to our stockholders and as staunch defenders of our balance sheet, we felt it most prudent to remain conservative on our dividend until there is more visibility into a vaccine and an economic recovery. In any case, a year or so from now, once there is a vaccine, we expect to look back and hope that this will be nothing but a bad memory. Adam, Bob, and Steve will go into more detail on our various asset segments and financial results, and I will be available for any questions you may have at the conclusion of prepared remarks. I'm now going to turn this call back over. to Adam Wilde.