American Assets Trust, Inc.

Hello, and welcome to the Q4 2020 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 anyone should require assistance during the conference, please press star then zero on your touchtone telephone. As a reminder, this conference call is being recorded. It is now my pleasure to turn the call over to your host for today, Mr. Adam Weil, EVP and Chief Operating Officer. Sir, the floor is yours.

Thank you. Good morning, everyone. Welcome to American Asset Trust, Inc.' 's fourth quarter and year-end 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 Investors section of our website, AmericanAssetsTrust.com. The 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. You are cautioned 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 on us and on our tenants. With that, I'll turn the call over to Ernest Rady, our Chairman and CEO, to begin the discussion of our fourth quarter and year-end 2020 results. Ernest?

Thanks, Adam. Great job. First and foremost, I would like to wish all our stakeholders and their loved ones continued health and safety. during these truly unprecedented times. Now that people are starting to get vaccinated, we are optimistic and even hopeful that eventually this pandemic will no longer be a threat. Lives will return to some kind of normalcy and the economy will recover. However, at the present time, this pandemic continues to create challenges within our portfolio, particularly for our three theaters, gyms, and our Waikiki beach walk properties. As most of you know, all of our properties in Hawaii are owned fee simple and are very valuable. We have a strong view that post pandemic Waikiki will return to normal and top tourism returning and every night being like a Friday night. While this pandemic still remains a threat, we believe we are well prepared to endure a prolonged pandemic with our irreplaceable portfolio. our best-in-class operating platform, our top-notch management team, our disciplined financial strength, and our very strong balance sheet. In such regard, I am extremely proud to announce that our inaugural public offering, which we closed on January 26th, 2021, the offering consists of 500 million of three and three-eighth senior unsecured notes due 2031. And by the way, it was oversubscribed four times. This bond offering provides substantial liquidity, staying power, and provided for the repayment of $250 million of debt and provides all funds needed for the development of La Jolla Commons III, which we plan to break ground this April. Success and demand of this bond offering in the midst of a pandemic is truly a testament to our incredible properties, efficient operating platform, and our top-notch management team. Bob will provide more financial details on the bond offering. Finally, I'd like to mention that the Board of Directors approved a quarterly dividend of 28 cents for the first quarter, an increase of 3 cents from our previous dividend which we believe is supported by our collection efforts in the fourth quarter and is an expression of our board's confidence in the embedded growth of our portfolio that we believe will recover post-pandemic. And Bob, Adam, 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 the call back over to Adam.