Welcome to the Stratus Properties Third Quarter 2017 Conference Call. Stratus' third quarter 2017 results were released earlier today and a copy of the press release for today's call is available on Stratus' website at stratusproperties.com. I would now like to turn the call over to Mr. Beau Armstrong, Chairman, President and Chief Executive Officer of Stratus Properties.

Thank you Austin. Good morning and welcome to the Stratus Properties’ third quarter 2017 earnings call. Before we begin our comments, we would like to remind everyone that today's press release and certain of our comments in the call including forward-looking statements and actual results may differ materially. I would like to refer everyone to the cautionary language included in Stratus' press release and to the risk factors described in Stratus' 2016 Form 10-K and subsequent SEC filings. Today's press release and certain of our comments on the call also includes certain financial measures, such as adjusted EBITDA and debt to total asset value, which are not recognized under U.S. GAAP. As required by SEC Regulation G, reconciliations of these measures to match reported in Stratus' consolidated financial statements are contained in the supplemental schedules of Stratus' press release, which are also available on Stratus' website at www.stratusproperties.com. With me this morning is Erin Pickens, Senior Vice President and Chief Financial Officer. Following our remarks, we will open the call for questions. This is being recorded and replay will be available through November 14. Stratus Properties’ third quarter was marked by the continued advancement of our real estate development strategy and strong performance in our entertainment segment, offset by lower than expected results from the hotel, due to cancellations associated with Hurricane Harvey. The first nine months of 2017 demonstrated the Company's ability to create shareholder value with our development strategy. We sold our Oaks at Lakeway project for a significant gain and used the sales proceeds to pay a special dividend of $1 per share and to reduce debt. We also commenced two new mixed use development projects, Lantana Place and Jones Crossing. The site work and building construction for the retail components of both of these new projects…

Thank you, Beau. Today Stratus reported third quarter 2017 net income attributable to common stockholders of $14.3 million or $1.75 per share, compared with the third quarter 2016 net loss attributable to common stockholders of $1.7 million or $0.20 per share. Our third quarter 2017 results include the recognizing of a portion of the deferred gain from the February sale of Oaks at Lakeway. Stratus recognized a non-cash, pretax gain of $24.3 million during the quarter. The remaining deferred gain as of September 30, 2017 totalled $11.9 million. Stratus closed the quarter with $16.1 million in cash available to fund operations and early stage development projects prior to obtaining project loans and $6.9 million of availability on the Comerica revolving loan. We remain in compliance with all loan covenants as of September 30, 2017. Net interest expense of $1.6 million for the third quarter of 2017 is consistent with the amount reported in the second quarter of 2017. Interest expenses were lower than the corresponding 2016 periods, primarily reflecting the debt pay down following the sale of Oaks at Lakeway. Stratus' debt at the end of September was $227.9 million somewhat higher than the sort of that reported at the end of the second quarter due to draws on our Comerica credit facility to fund equity requirements for our recently begun development project. Stratus' debt to total asset value remains relatively low, currently 38%, compared to 34% in February of 2017. We carefully monitor our ratio of debt to total asset values and our focus on maintaining ample capacity to secure construction financing for future development projects. This concludes my comments and now I'll turn it back to Beau.

Thank you Erin. We appreciate you listening to our call. And we now like to open the call for few questions. Austin?

We will now begin the question-and-answer session. [Operator Instructions] At this time we will pause momentarily to assemble our roster. [Operator Instructions] : :