Douglas Emmett, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly earnings call. Today's call is being recorded. At this time, all participants are in listen-only mode. After management's prepared remarks, you'll receive instructions for participating in the question and answer session. And I'll turn the conference over to Mr. Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett. Please go ahead.

Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO, Kevin Crummey, our CIO, and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website. You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reach the question and answer portion, in consideration of others, please limit yourself to one question and one follow-up. I will now turn the call over to Jordan.

Good morning, everyone. I know we're competing with the election news. Don't worry. If either candidate for president concedes during the call, we'll let you know. Our third quarter results still reflect major challenges from the pandemic, though we did see some incremental improvement in rent collection, tenant utilization, and leasing activity compared to second quarter. As of today, we have collected 91.4% of our combined second and third quarter rent, including 95.9% of our residential rent, 93.7% of our office rent, and 39.7% of our retail rent. Once the eviction moratoriums in our markets expire, or even just come in line with other major U.S. cities, we expect current collections to improve and to collect a large portion of the past due amounts. In prior downturns, the impact of personal guarantees and small business owners' commitment to their companies have kept our defaults very low. Compared to last quarter, we increased our deal flow from 125 deals to 175 deals, with increases in both new and renewal transactions. We accomplished this despite the fact that many tenants are deferring their decisions during this uncertain period. We have not observed a trend toward tenants giving up space to work from home, and in fact, we are seeing more tenants coming back into the office. Our small tenants don't face significant mass transit, parking, or vertical transportation concerns, making it much easier for them to reoccupy their offices. While cash rent spreads are down and straight line growth is slower, tenants have become less focused on TIs, which has enhanced our net effective rent. Having managed through three prior recessions, each of which seem unique, We are confident that we will emerge from this downturn stronger than we entered it. With that, I will turn the call over to Kevin.