Apartment Income REIT Corp.

Good day and welcome to the Air Community's fourth quarter 2020 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 a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. We would now like to turn the conference over to Lisa Cohn. Please go ahead.

Thank you, and good day. During this conference call, the forward-looking statements we make are based on management's judgment, including projections related to 2021 expectations. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filings. Actual results may differ materially from what may be discussed today. We will also discuss certain non-GAAP financial measures, such as funds from operations. These are defined and are reconciled to the most comparable GAAP measures in the supplemental information that is part of the full earnings release published on AIR's website, aircommunities.com. Prepared remarks today come from Harry Considine, our CEO, Keith Kimmel, our President in Charge of Property Operations, Paul Belden, our Chief Financial Officer, Other members of management are present and will be available during our question and answer session, which will follow our prepared remarks. I will now turn the call to Terry Considine. Terry?

Thank you, Lisa, and good morning to all of you on this call. Thank you for your interest in AIR. 2020 was a transformative year with the separation of AIR from AIMCO. Through the separation, we were able to unlock a billion dollars of shareholder value. The total return of the combined companies outperformed the six large apartment REITs by more than 1,900 basis points from our announcement in September through the end of the year. On the same combined basis, shareholder returns were the best of the coastal apartment REITs for the past one, two, three, and five years. In years four and 10, we placed second. In a board-led process, my superb fellow directors Bob Miller, Tom Keltner, Devin Murphy, Kathleen Nelson, John Reyes, Ann Sperling, Mike Stein, and Nina Tran worked hard and well to make the right decisions with two dozen meetings over a six-month period as well as numerous smaller meetings plus calls with individual shareholders and proxy advisors and so on. At a time when many boards were hunkering down, I'm grateful for their self-confidence, their commitment to shareholder value creation, their sound advice, and thoughtful decisions. The separation also required long hours of work for a great many of my teammates, led by Lisa Cohen and Paul Belden, who joined me on this call, and also by Lynn Stanfield and Jennifer Johnson, who remain with AIMCO. Most of all, I thank our shareholders for their recommendations, engagement, and encouragement as we made important changes at a difficult time in the economy. We listened carefully to each of you and searched for the right balanced response. I'm delighted that the share price has been rewarding, and I look forward to further gains in the future. And of course, the separation was about the future. We believe AIR is the simplest, most efficient way to invest in apartments and will attract traditional REIT investors and also yield investors generally who will prefer AIR to other investment vehicles designed to provide current income with predictable growth. Through AIR, investors own a share of a simple, transparent business with best-in-class property management, the safety of a diversified portfolio and a strong balance sheet, and low overhead costs that together provide a high current return. We believe that recovery from COVID-related stresses is well underway, and we expect further gains this year, as Keith will discuss in greater detail. Over the longer term, we are bullish on our strategy, our markets, and our team. We believe our markets will perform better than the United States as a whole, and we're confident that our team will outperform in those markets. We have a solid path for growth based on best-in-class operations, regular property upgrades, what we expect will become a more favorable cost of capital. As I close, I again offer my heir teammates many and sincere thanks for what they accomplished last year and for the opportunities they've created for this year and beyond. With that, I'll turn the call to Keith Kimmel, head of property operations. Keith. Thanks, Terry.