Good day and welcome to the Stratus Properties First Quarter 2020 Financial and Operational Conference Call. Earlier this morning, Stratus released its first quarter 2020 financial results and provided business updates, which are available on its 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 June 30th, 2020. Anyone listening to the taped replay should note that all information presented is current as of today, June 25th, 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 first 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 and the 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 first quarter 2020 financial and operational conference call. Our Chief Financial Officer, Erin Pickens is here with me today. We hope that you and your families are staying safe and healthy. Given events over the last several months, we have a lot to cover on today's call. First, I'll provide an update on Block 21, our hotel and entertainment property in Downtown, Austin and discuss the impacts of the COVID-19 pandemic on our operations, and how we've responded since the pandemic started. I'll also provide updates on our development projects, and then I'll turn the call over to Erin to discuss our liquidity and first quarter 2020 results. On May 22, we announced that Ryman Hospitality Properties terminated its agreement to purchase Block 21 for $275 million. Ryman said that its decision was due to the capital markets and economic environment caused by the pandemic. We are disappointed that prevailing market conditions led Ryman to make this decision. However, we have tremendous respect for Ryman and wish them well throughout these difficult times. As required by the purchase agreements, Ryman forfeited its $15 million earnest money deposit to us. We used $13.8 million of this earnest money to pay down our Comerica credit facility and used the remaining $1.2 million for Block 21 debt service and required monthly reserves. We will record the $15 million as income in the second quarter of 2020. Block 21 continues to be a unique and valuable asset and we remain focused on its continued success in Austin. The W Hotel remains open, and we are working with the operator on plans to gradually ramp up operations over the next 12 months, health and market conditions permitting. We are also considering a modest renovation of the guest rooms and public…

Thank you, Beau. Earlier this morning, we issued a press release announcing our operational and financial results for the first quarter of 2020. While we would normally be discussing our first quarter 2020 results in mid-May, due to this COVID-19 pandemic, we relied on the SEC's order providing conditional relief to delay the filing effort of our first quarter 2020 Form 10-Q. Before I begin, I would like to discuss our liquidity position, which we believe will enable us to navigate the current pandemic. We have strong relationships with our lenders and have maintained regular communication with them. We have recently enhanced our liquidity position by taking the following steps: we received $15 million from Ryman related to the terminated Block 21 transaction and used $13.8 million of these funds to pay down our Comerica revolver; we recently finalized the two-year extension of our $60 million Comerica revolver that extended the maturity of the facility to September 2022; and we received a $4 million Paycheck Protection Program loan. Our projections reflect that we will be able to meet our debt service and other cash obligations for at least the next 12 months without any significant asset sales or reduction in general and administrative expenses. Our projections are based on many detailed and complex underlying assumptions, and we cannot assure you that the results anticipated by our projections will occur. Our financial results for the first quarter of 2020 include revenues totaling $28.1 million in the first quarter of 2020, up from $19.7 million in the first quarter of 2019. This increase primarily reflects the sales of two homes built on Amarra Drive Phase III lots and an increase in lot sales along with an increase in revenue from leasing operations. The overall increase in revenues was net of declines in…

Thank you, Erin. In closing, I want to recognize the resiliency of our team and our company. We continue to have the talent, reputation, relationships, proven strategy and portfolio of properties that set Stratus apart. I want to thank our Board of Directors and employees for their focus and dedication that have enabled us to navigate the pandemic. I believe these efforts will enable us to continue to operate effectively in the current market and have positioned us to perform well when economic conditions recover. At this time, I will ask the operator to open the line for questions. Thank you for participating.

[Operator Instructions] Showing no questions. This concludes our question-and-answer session, and the conference call has also now concluded. Thank you for attending today's presentation. You may now disconnect.