American Assets Trust, Inc.

Good morning and welcome to the American Assets Trust first quarter 2023 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. As a reminder, today's conference call is being recorded. Please note that statements made on this conference call include forward-looking statements based on current expectations, which statements are subject to risks and uncertainties discussed in the company's filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements as actual events could cause the company's results to differ materially from these forward-looking statements. It is now my pleasure to introduce your host, Mr. Adam Weil, President and COO for American Assets Trust. Thank you, Mr. Weil. You may begin.

Thank you. Good morning, everyone. Welcome to American Assets Trust's first quarter 2023 earnings call. Yesterday afternoon, our earnings release and supplemental information were furnished to the SEC on our Form 8K. Both are now available on the investor section of our website, AmericanAssetsTrust.com. With that quick intro, I'll turn the call over to Ernest Rady, our chairman and CEO, to begin the discussions of our first quarter 2023 results. Ernest?

Thanks, Adam, and good morning, everyone. As we are all acutely aware, the market has become quite pessimistic about most public REITs over the past year. particularly those with any significant office exposure. American Assets Trust, along with virtually all of our peers, continues to be faced with many macroeconomic headwinds, including volatility in the capital markets, rising interest rates, tech industry layoffs, and the disruption caused by regional bank failures. However, A silver lining for us is that because we have been cycle tested many times over our 55-year-plus history, we believe we have proven that we are prepared for almost any future scenario we may face, whether it be inflation, recession, depression, expansion, or most likely, the unexpected. We attribute our resilience to several factors, including the strength of our irreplaceable portfolio and its asset class diversity, our conservative balance sheet, and ample liquidity. our efficient operating platform, and our talented people, each of which guides us as we exercise business prudence and discipline in every decision we make. As you know, our thoughtfully assembled portfolio is comprised of a combination of very high-quality office, retail, multifamily, and mixed-use properties in desirable, high-barrier-to-entry markets in the path of growth education, innovation, and mass transportation. Since the founding of our company over 55 years ago, we have seen firsthand that asset class diversity makes our portfolio more resistant to volatility as each sector has at different times enjoyed periods of growth and weathered periods of adversity. Adam, Bob, and Steve will go into more detail on our various asset segments. financial results, and guidance. But first, I want to mention that the Board of Directors has approved and maintained a quarterly dividend of $0.33 per share for the second quarter, which we believe is supported by our financial results and is an expression of our Board's confidence in the embedded growth of our portfolio this year and beyond. The dividend will be paid on June 22 to shareholders of record on June 8. Again, on behalf of all of us at American Assets Trust, we thank you for your confidence and continued support in allowing us to manage your company. And we wanted to express our appreciation to those of you who were able to attend and assist in planning our Hawaii investor tour last month, showing our trophy properties in Waikiki Beach Walk and Waikele Center on the island of Oahu. I'm now going to turn the call back to Adam. Adam, please.