Acadia Realty Trust (NYSE:AKR) Q1 2016 Earnings Conference Call - Preliminary Transcript
Apr 27, 2016 • 12:00 pm ET
Good day, ladies and gentlemen, and welcome to the Q1 2016 Acadia Realty Trust Earnings Conference Call. At this all participants are in a listen-only-mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Mr. John McMahon. You may begin.
Good afternoon, and thank you for joining us for the first quarter 2016 Acadia Realty Trust earnings conference call. My name is John McMahon and I joined Acadia as an intern in the summer of 2014. I turned full time in the summer of 2015 and I am now the Assistant Property Manager for our NYSE assets in the Property Management department. Before we begin, please be aware that statements made during this call that are not historical may be deemed forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and actual results may differ materially from those indicated by such forward-looking statements. Due to a variety of risks and uncertainties, including those disclosed in the company's most recent Form 10-K and other periodic filings with the SEC, forward-looking statements speak only as of the date of this call, April 27, 2016 and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including funds from operations and net operating income. Please see Acadia's earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. President and Chief Executive Officer, Ken Bernstein will kick off today's management remarks with a discussion of the company's core portfolio, followed by Amy Racanello, Senior Vice President of Capital Markets and Investments, who will discuss the company's fund platform.
Then Chief Financial Officer, Jon Grisham will conclude today's prepared remarks with a review of the company's balance sheet, as well as earnings and operating results. Once the call becomes open for questions, we ask that you limit your first round to two questions per caller to give everyone the opportunity to participate. You may ask further questions by reinserting yourself into the queue and we will answer as time permits. At this time, it is my pleasure to introduce Ken.
Thanks, John. Great job. God afternoon. Thanks for joining us. I am going to start today's discussion with what we saw in the first quarter both in terms of operating fundamentals as well as the transactional market. Then Amy will discuss our activities in the fund platform and Jon will discuss our operating metrics, balance sheet and earnings. For much of the first quarter we saw increased volatility in the global financial market and this has caused periodic concern that this turmoil would lead through to the US economy and potentially impacting both operating fundamentals as well as valuations of real estate. So with this volatility in mind let's first look at our operating fundamentals.