Statements in this call and presentation are not guarantees of future performance, and we do not undertake any obligation to update our forward-looking statements.

Management will be referring to non-GAAP financial measures when discussing results for the quarter. In particular, we will be referring to adjusted net income and diluted earnings per share that exclude the impact of separation expenses and a non-cash reduction in the carrying values of two mainland development projects. We will also be referring to cash net operating income.

Included in the appendix of today's slide presentation are reconciliations of these GAAP to non-GAAP financial measures, and a statement regarding our use of these measures. Slides from this presentation are available for your download at our website www.alexanderbaldwin.com. This slide provides you an agenda for our presentation, after which we will take your questions.

We'll start with Stan, who will comment on the quarter.

Stan Kuriyama

Thank you everyone for joining us today. As you know, this is our first call since the separation of our land and transportation businesses on June 29. We remain very excited about our company's prospects, and we are pleased by the number of positive value creating events that have occurred since the first quarter.

For those of you not completely familiar with the new A&B, our overarching strategy is to leverage both our extensive track record, and experience in Hawaii, and our strong financial position to optimize the value of our substantial real estate assets, and to maximize long term growth and shareholder value.

We will accomplish this through a coordinated program of building and realizing value in our historic land holdings, through our planning entitlement and sale activities; investing in high return real estate opportunities in Hawaii, building our development pipeline for market recovery, increasing the cash flow and profitability of our commercial portfolio, and over time, migrating the commercial portfolio back to Hawaii and derisking the earnings stream from our agri business segment.

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