Good day and welcome to the Stratus Properties' Second Quarter 2020 Financial and Operational Conference Call. Earlier this morning, Stratus released a press release announcing it's second quarter 2020 financial results. The press release is available on Stratus' website at stratusproperties.com. Following management's remarks, we will host a question-and-answer session. Please note this call is being recorded and will be available for telephone replay on Stratus' website through August 15, 2020. Anyone listening to the taped replay should note that all information presented is current as of today, August 10, 2020 and should be considered valid only as of this date. As a reminder, today's press release and certain comments that will be made on this call include forward-looking statements and actual results may differ materially. Please review and refer to the cautionary language included in Stratus' press release issued today and the risk factors described in Stratus' 2019 Form 10-K and second quarter 2020 Form 10-Q that could cause actual results to differ materially from those projected by Stratus. In addition, management will discuss earnings before interest, taxes, depreciation and amortization, also referred to as EBITDA, which is a financial measure not recognized under U.S. generally accepted accounting principles, also referred to as GAAP. As required by SEC rules and regulations, this non-GAAP financial measure is reconciled to its most comparable GAAP financial measure in a supplemental schedule of Stratus' press release issued today. I would now like to turn the conference over to. Mr. Beau Armstrong, Chairman, President and Chief Executive Officer of Stratus Properties.

Thank you for joining our second quarter 2020 financial and operational conference call. Our Chief Financial Officer, Erin Pickens is also here with me today. As always, I hope that you and your families are staying safe and healthy during this time. I would like to begin the call by discussing trends we are seeing in the market and the related impacts on our business, then I will discuss our liquidity position in several of our focus areas to manage costs and liquidity during the pandemic. Lastly, I will reiterate how our long-term strategy remains intact, even in current market conditions. We had hoped that the market in COVID-19 situation would have shown improvement during the course of the second quarter, but instead we have seen an increased rate of COVID-19 cases and renewed government mandated restriction across Texas. Although we remain very cautious given the uncertainties caused by this pandemic, we continue to progress several important projects through the entitlement phase of development, which is the least capital intensive portion of the development process, and where we believe the value is created. We will continue to move the entitlement processes along long [ph], but will only proceed with construction when we are confident that the market is ready. Our W Hotel and ACL Live and 3TEN ACL Live venues have been and continue to be severely impacted by the pandemic. Last quarter, we mentioned that we had scheduled several events for the summer and fall. Unfortunately, many of these events have been canceled or rescheduled and we expect that most, if not all of our remaining events will also be canceled or rescheduled, unless health conditions improve. Our W Hotel management team continues to develop programing ideas with the goal of capturing as much of the existing market as…

Thank you, Beau. Earlier this morning, we issued a press release announcing our operational and financial results for the second quarter of 2020. Stratus revenue and cash flow were adversely impacted by COVID-19 late in the first quarter of 2020, and as anticipated throughout the second quarter of 2020. However, in the second quarter, we benefited from $15 million in income from forfeited earnest money related to the terminated agreement to sell Block 21. As a result of this additional income and the pandemic's impact on our business, our second quarter 2020 results will not be comparable to past performance or indicative of future performance. I will now discuss Stratus consolidated results for the second quarter 2020. Consolidated revenues totaled $8.9 million in the second quarter of this year, which was down from $23.7 million in the second quarter of 2019. This decrease primarily reflects the pandemic's impact on our hotel and entertainment segments, partially offset by an increase in Leasing operations revenue year-over-year. Net income attributable to common stockholders was $4.1 million or $0.50 per share in the second quarter of 2020 compared to a net loss attributable to common stockholders of $2.4 million or $0.29 per share in the second quarter of 2019. Net income in the 2020 second quarter primarily resulting from the $15 million in earnest money received as a result of the terminated Block 21 agreement, partially offset by operating losses in all of our operating segments, primarily as a result of the pandemic and higher net interest expense resulting from a decrease in capitalized interest as projects under development are being completed. EBITDA totaled $12.3 million for the second quarter of 2020, including the $15 million in forfeited earnest money previously mentioned, compared to $3 million for the second quarter of last year. Stratus…

Thank you, Erin. There is no denying that this year has been challenging. As the pandemic continues to impact communities across the United States, including in our Texas markets, we must carefully manage our business in order to successfully navigate the ongoing economic impacts and the potential prolonged recovery. Our single-family and multi-family markets remain fairly strong and we are able to continue our longer-term value creation efforts such as land planning, engineering and permitting activities. We remain optimistic about the Texas markets where we operate, our diverse and unique portfolio and our team's resilience and ability to perform. I cannot thank our Board and employees enough for their continued dedication to our Company and communities. Thank you for participating. At this time, I will ask the operator to open the line for questions. End of Q&A: We will now begin the question-and-answer session. [Operator Instructions] Showing no questions. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.